Core Viewpoint - The reverse acquisition of Jiahe Biotech by Yiteng Pharmaceutical marks a significant development in the Hong Kong stock market, being the first case of an unprofitable biotech company under the 18A listing rules completing a reverse merger [1][2]. Group 1: Merger Details - Yiteng Pharmaceutical will acquire Jiahe Biotech through a share swap, with Yiteng valued at $677 million and Jiahe at $197 million, resulting in Yiteng shareholders holding 77.43% and Jiahe shareholders 22.57% of the new entity [2]. - The merger is expected to be finalized by December 30, 2024, with the new company named Yiteng Jiahe Pharmaceutical Group Limited [1]. Group 2: Company Profiles - Jiahe Biotech has a self-research pipeline but has faced slow clinical progress and limited market revenue potential without external commercialization partnerships [2][3]. - Yiteng Pharmaceutical has struggled to achieve an IPO in Hong Kong, lacking a self-research pipeline and functioning more as a Contract Sales Organization (CSO) [2][3]. Group 3: Strategic Implications - The merger aims to create a synergistic effect, combining Jiahe's research capabilities with Yiteng's commercialization strengths, enhancing market competitiveness [4]. - Jiahe's CEO highlighted the merger as a critical step towards becoming a mature and fully integrated biopharmaceutical company, focusing on accelerating the commercialization of its lead product, GB491 [4][5]. Group 4: Market Signals - The reverse acquisition is seen as a potential new listing method in Hong Kong, with the market recognizing the value of combining commercialization and self-research capabilities [6]. - The transaction may serve as a model for future mergers in the biotech sector, emphasizing the importance of real value creation through such consolidations [6].

港股18A首例反向收购有了新进展！ 近日，嘉和生物-B（06998.HK）提交的新上市申请通过港交所聆讯。根据上市申请书，亿腾医药通过 换股方式反向收购嘉和生物，合并后公司将更名为亿腾嘉和医药集团有限公司（以下简称"亿腾嘉 和"）。 这意味着，港股首单18A未盈利生物科技公司反向并购案例收官在即。根据嘉和生物披露的预期时间 表，两家公司合并完成以及公司更名的生效日期预计为12月30日。 双向困局下的自救 反向收购是指非上市公司股东通过收购壳公司（上市公司）股份实现控制，再通过壳公司反向收购非上 市公司资产，使后者成为子公司以实现间接上市。在A股中，这一操作通常称为"借壳上市"。 2024年10月，嘉和生物发布公告称，公司与亿腾医药订立合并协议。根据协议，亿腾医药以6.77亿美元 估值与嘉和生物1.97亿美元估值实施换股合并，合并后的新公司中，原亿腾医药股东占比77.43%，原嘉 和生物股东占比22.57%，亿腾医药实际控制人也将成为亿腾嘉和的控股股东。 在嘉和生物披露的信息中，这样介绍亿腾医药：通过向跨国医药公司收购品牌药物资产，以及从全球生 物制药公司授权引进创新专利药物的开发及商业化权利，目前已成功完成多 ...

Core Viewpoint - The reverse acquisition of Jiahe Biotech by Yiteng Pharmaceutical marks a significant development in the Hong Kong stock market, being the first case of an unprofitable biotech company under the 18A rule completing a reverse merger [1][3]. Group 1: Reverse Acquisition Details - Jiahe Biotech submitted a new listing application that has passed the Hong Kong Stock Exchange hearing, indicating the merger is nearing completion [1]. - The merger involves a share swap where Yiteng Pharmaceutical is valued at $677 million and Jiahe Biotech at $197 million, resulting in Yiteng shareholders holding 77.43% and Jiahe shareholders 22.57% of the new entity [3]. - The expected completion date for the merger and name change to Yiteng Jiahe Pharmaceutical Group Limited is December 30 [1]. Group 2: Company Background and Market Context - Jiahe Biotech has faced challenges with its clinical pipeline, which has been slow, and its products have not yet received domestic approval, leading to skepticism about its ability to recover independently [4]. - Yiteng Pharmaceutical has attempted to go public multiple times but has been unsuccessful, and it is perceived more as a contract sales organization rather than a company with strong self-research capabilities [5][6]. - The merger is viewed as a "self-rescue" effort for both companies, allowing Jiahe to leverage Yiteng's commercialization capabilities while Yiteng gains access to Jiahe's research pipeline [7]. Group 3: Strategic Implications - The merger is expected to create a synergistic effect, enhancing the market competitiveness of the combined entity by integrating research-driven and product commercialization capabilities [8][9]. - Jiahe Biotech aims to accelerate the commercialization of its product GB491 and optimize its multi-specific antibody technology platform through this merger [9][10]. - The transaction is seen as a potential signal for the market, indicating that the Hong Kong Stock Exchange may be more focused on the real value changes brought by mergers rather than just the shell value of companies [12].

Core Viewpoint - 嘉和生物-B (06998) reported a significant increase in revenue and gross profit for the six months ending June 30, 2025, indicating strong financial performance and operational efficiency [1][2]. Financial Performance - The company achieved a revenue of 32.245 million RMB, representing a year-on-year increase of 122.84% [1]. - Gross profit also reached 32.245 million RMB, with a year-on-year increase of 128.35% [1]. Operational Efficiency - The company successfully implemented a light asset operation model, effectively reducing operational costs [2]. - In conjunction with cost reduction, the company is actively pursuing strategic partnerships and has submitted a new listing application for a proposed merger to the Hong Kong Stock Exchange [2]. Product Development - The innovative drug, 盐酸来罗西利片 (brand name: 汝佳宁), received approval from the NMPA on May 27, 2025, for treating specific types of breast cancer [2]. - The company has entered into an exclusive委托协议 with 亿腾医药 to advance the commercialization and national medical insurance directory application for 来罗西利 (GB491) [2]. - The core pipeline includes GB268 (a tri-specific antibody targeting PD-1/VEGF/CTLA-4), which has received NMPA approval for Phase I clinical trials, and GB261 (a bispecific antibody targeting CD20/CD3) is undergoing clinical trials outside Greater China [2].

Group 1 - The company reported a revenue of 32.245 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 122.84% [1] - Gross profit for the same period was also 32.245 million RMB, showing a year-on-year increase of 128.35% [1] Group 2 - The company has successfully implemented a light asset operation model, effectively reducing operational costs [2] - The company is actively pursuing strategic partnerships and has submitted a new listing application for a proposed merger to the Stock Exchange [2] - The innovative drug, GB491 (salt of Luroxil), received approval from NMPA on May 27, 2025, for specific indications related to breast cancer treatment [2] - An exclusive委托协议 has been established with Yiteng Pharmaceutical for the commercialization and national medical insurance directory application of GB491 [2] - The company has initiated the FIH clinical trial for its core pipeline product GB268, a tri-specific antibody targeting PD-1/VEGF/CTLA-4, after receiving NMPA approval [2] - Clinical trials for GB261, a bispecific antibody for autoimmune diseases, have commenced outside the Greater China region [2]