2026-01-02
Haiwen Acts as Issuer’s Hong Kong and Mainland PRC Counsel in Hong Kong’s First Reverse Takeover (RTO) of a Chapter 18A Biopharmaceutical Listed Company
近日，由海问律师事务所担任发行人香港及中国内地法律顾问的嘉和生物（06998.HK）与亿腾医药合并项目圆满完成。这宗交易是自香港联交所（HKEX）推行第 18A 章（未盈利生物科技公司）上市制度以来，首单涉及 18A 章上市公司的反向收购（RTO）交易。
Recently, the merger between Genor Biopharma (06998.HK) and Edding Group was successfully completed, with Haiwen & Partners serving as Hong Kong and Mainland PRC Counsel legal counsel to the issuer. This transaction marks the first Reverse Takeover (RTO) involving a Chapter 18A (pre-profit biotechnology company) listed company since the Stock Exchange of Hong Kong (HKEX) introduced the Chapter 18A listing regime.
本次交易结构设计创新，因此被高度关注，也由于香港监管机构在过去十年间持续收紧对RTO的审批标准，以严厉打击「借壳上市」，导致 RTO 较难推进。本项目的成功完成，标志着嘉和生物与亿腾医药的合并成为近十多年来香港市场极少数能够成功完成的RTO案例之一，再次证明了海问在处理复杂交易及监管沟通方面的领先实力。
The transaction has drawn significant attention due to its innovative structure. Over the past decade, Hong Kong regulators have continuously tightened approval standards for RTOs to crack down on "backdoor listings," making such deals exceptionally difficult to execute. The successful completion of this transaction establishes the Genor-Edding merger as one of the very few RTO cases to succeed in the Hong Kong market in over ten years, reaffirming Haiwen’s leading expertise in handling top-tier complex transactions and regulatory communications.
结构创新 Structural Innovation ✦ ✦ ✦
本次交易结构透过嘉和生物通过其全资子公司与亿腾医药进行兼并，并以发行新股作为对价支付模式。这种「以子兼并」的结构在实现两家大型医药企业资产深度整合的同时，也触发了香港联交所《上市规则》项下的RTO条款及新上市申请（Deemed New Listing）程序，也因为两家公司的商业安排，同时需要满足香港证监会《收购守则》下清洗豁免（Whitewash Waiver）及特别交易（Special Deal）的程序。
The transaction was structured as a merger between Genor Biopharma, through its wholly-owned subsidiary, and Edding Group, by way of issuance of consideration shares. This "merger via subsidiary" structure, while achieving integration between two companies, have triggered the RTO provisions and Deemed New Listing procedures under the HKEX Listing Rules. Furthermore, due to the commercial arrangements between the two companies, the deal also required compliance with the Whitewash Waiver and Special Deals procedures under the Securities and Futures Commission (SFC)'s Codes on Takeovers and Mergers (Takeovers Code).
海问香港办公室合伙人陈嘉信律师表示：「由于《上市规则》对于18A章公司进行大型并购有所限制，本案的难点在于如何在突破 18A 章特有的监管框架的同时，满足《收购守则》与RTO的审批要求。在香港监管环境对 RTO 严格审核的大背景下，这种兼并模式既要确保商业逻辑性，又要应对合规的要求。我们不仅需要处理联交所合规组和上市组两个团队的审核，还需就清洗豁免及特别交易与香港证监会（SFC）进行多轮、技术性的沟通。本项目能够成功突破近十年来 RTO 交易的重重瓶颈，赖于对规则的了解和监管部门的友好沟通。」
Philip Chan, Partner at Haiwen’s Hong Kong office, stated:"Since the Listing Rules impose restrictions on large-scale M&A by Chapter 18A companies, the challenge lay in navigating the specific regulatory framework of Chapter 18A while simultaneously meeting the approval requirements for both the Takeovers Code and RTO. Against the backdrop of strict RTO scrutiny in Hong Kong, this merger model had to ensure commercial rationale of both companies while addressing rigorous compliance scrutiny. We not only needed to attend to the vetting by both the compliance division and listing division of the HKEX, but also by the SFC regarding the Whitewash Waiver and Special Deal. Breaking through the RTO bottlenecks of the past decade relied on a deep understanding of the rules and proactive communication with regulatory authorities."
京港协同 Mainland-Hong Kong Synergy ✦ ✦ ✦
作为并购及资本市场领域的领军律所，海问北京办公室在项目中发挥了不可替代的「压舱石」作用。由于合并涉及境内外股权和资产的深度重组，每一步都需要严格符合中国内地监管及中国证监会关于境外上市备案的最新规则。海问的优势在于『京港一体化』的无缝作业，境内并购团队能够迅速识别境内法律风险，并在尽调、交易协议等环节上，将其转化为交易结构中的合规条款，而香港团队同步提供监管合规的建议。海问在跨境并购市场及中国证监会事务处理上的深厚积淀，为项目最终获批提供了坚实的支持。
As a leader in M&A and capital markets, Haiwen’s Beijing office played an indispensable role in the project. Because the merger involved deep restructuring of domestic and overseas equity and assets, every step had to strictly comply with Mainland Chinese regulations and the latest China Securities Regulatory Commission (CSRC) rules regarding overseas listing filings.Haiwen’s advantage lies in its "Mainland-Hong Kong Integration"— a seamless workflow where the domestic M&A team could quickly identify legal risks and translate them into tailored provisions during the due diligence and transaction agreements drafting exercises, with Hong Kong team concurrently advising on the regulatory aspects. Haiwen’s experience in cross-border M&A and CSRC matters provided solid support for the transaction’s final approval.
优秀组合 Strong Shareholders Base ✦ ✦ ✦
本次合并背后的股东阵容鼎盛，汇聚了全球的医疗健康领域投资机构和产业公司，包括高瓴、淡马锡、沃森生物、康恩贝、红杉、奥博等。
The merger is backed by a prestigious lineup of shareholders, bringing together some of the world’s top healthcare and biotech investment institutions, including Hillhouse, Temasek, Walvax Biotech, Conba Pharmaceutical, Hongshan Capital and OrbiMed.
面对如此多具备影响力的股东，海问团队在交易过程中不仅要处理复杂的法律技术问题，更在跨机构沟通、股东权益协调中展现了极高的专业成熟度，确保了这项涉及多方资本的复杂合并方案获得广泛认可。
Facing such an influential group of stakeholders, Haiwen team demonstrated high professional maturity—not only in handling complex legal technicalities but also in communication and the coordination of multiple parties’ interests, ensuring the merger plan received broad recognition from all parties.
专业团队 Professional Team ✦ ✦ ✦
在项目圆满收官之际，陈律师代表海问对客户与各方股东对海问团队的全程信任，以及参与本项目的京港两地团队同事，致以最诚挚的感谢。
With the successful closing of the transaction, Philip expressed his sincere gratitude to the clients and shareholders for their trust, as well as to his colleagues in Beijing and Hong Kong offices.
陈律师表示：「这个项目的成功，是海问京港两地多位杰出同事共同心血的结晶。我们要感谢每一位在海量法律文书与严苛尽职调查中坚守岗位的同事。同时，我们更要深切感谢客户以及各方股东在整个过程中给予的坚定支持。在面对无先例可循的问题时，客户与我们并肩作战、共同解决不同的难点，这种基于专业高度认可的伙伴关系，是项目最终能够完成的基石。这份荣誉属于每一位为项目付出过的海问同事，也属于所有与我们共同达成目标的合作伙伴。」
"The success of this project is the result of the collective hard work of many outstanding colleagues," Philip said. "In facing issues with no precedent to follow, the client fought alongside us to solve the obstacles. This partnership, built on a high degree of professional recognition, was the cornerstone of the project’s completion. This honour belongs to every Haiwen colleague who contributed to the project, and also to all our partners who worked with us to achieve our goals."
行业启示 Industry Implications ✦ ✦ ✦
嘉和生物与亿腾医药的合并，证明了 18A 章上市公司在面临行业整合时，亦可通过高难度的反向收购实现跨越式发展。海问律师事务所凭借本案，再次夯实了其在香港及内地资本市场、生命科学及跨境并购领域的地位，有望助力更多优秀企业在资本市场的创新征程中破浪前行。
The merger of Genor Biopharma and Edding Group proves that Chapter 18A listed companies can achieve leapfrog development through RTOs when facing industry consolidation. With this case, Haiwen & Partners has once again solidified its position in Hong Kong and Mainland capital markets, life sciences, and cross-border M&A sectors, and looks forward to assisting more successful companies in navigating innovative paths in the capital markets.
Haiwen Acts as Issuer’s Hong Kong and Mainland PRC Counsel in Hong Kong’s First Reverse Takeover (RTO) of a Chapter 18A Biopharmaceutical Listed Company
近日，由海问律师事务所担任发行人香港及中国内地法律顾问的嘉和生物（06998.HK）与亿腾医药合并项目圆满完成。这宗交易是自香港联交所（HKEX）推行第 18A 章（未盈利生物科技公司）上市制度以来，首单涉及 18A 章上市公司的反向收购（RTO）交易。
Recently, the merger between Genor Biopharma (06998.HK) and Edding Group was successfully completed, with Haiwen & Partners serving as Hong Kong and Mainland PRC Counsel legal counsel to the issuer. This transaction marks the first Reverse Takeover (RTO) involving a Chapter 18A (pre-profit biotechnology company) listed company since the Stock Exchange of Hong Kong (HKEX) introduced the Chapter 18A listing regime.
本次交易结构设计创新，因此被高度关注，也由于香港监管机构在过去十年间持续收紧对RTO的审批标准，以严厉打击「借壳上市」，导致 RTO 较难推进。本项目的成功完成，标志着嘉和生物与亿腾医药的合并成为近十多年来香港市场极少数能够成功完成的RTO案例之一，再次证明了海问在处理复杂交易及监管沟通方面的领先实力。
The transaction has drawn significant attention due to its innovative structure. Over the past decade, Hong Kong regulators have continuously tightened approval standards for RTOs to crack down on "backdoor listings," making such deals exceptionally difficult to execute. The successful completion of this transaction establishes the Genor-Edding merger as one of the very few RTO cases to succeed in the Hong Kong market in over ten years, reaffirming Haiwen’s leading expertise in handling top-tier complex transactions and regulatory communications.
结构创新 Structural Innovation ✦ ✦ ✦
本次交易结构透过嘉和生物通过其全资子公司与亿腾医药进行兼并，并以发行新股作为对价支付模式。这种「以子兼并」的结构在实现两家大型医药企业资产深度整合的同时，也触发了香港联交所《上市规则》项下的RTO条款及新上市申请（Deemed New Listing）程序，也因为两家公司的商业安排，同时需要满足香港证监会《收购守则》下清洗豁免（Whitewash Waiver）及特别交易（Special Deal）的程序。
The transaction was structured as a merger between Genor Biopharma, through its wholly-owned subsidiary, and Edding Group, by way of issuance of consideration shares. This "merger via subsidiary" structure, while achieving integration between two companies, have triggered the RTO provisions and Deemed New Listing procedures under the HKEX Listing Rules. Furthermore, due to the commercial arrangements between the two companies, the deal also required compliance with the Whitewash Waiver and Special Deals procedures under the Securities and Futures Commission (SFC)'s Codes on Takeovers and Mergers (Takeovers Code).
海问香港办公室合伙人陈嘉信律师表示：「由于《上市规则》对于18A章公司进行大型并购有所限制，本案的难点在于如何在突破 18A 章特有的监管框架的同时，满足《收购守则》与RTO的审批要求。在香港监管环境对 RTO 严格审核的大背景下，这种兼并模式既要确保商业逻辑性，又要应对合规的要求。我们不仅需要处理联交所合规组和上市组两个团队的审核，还需就清洗豁免及特别交易与香港证监会（SFC）进行多轮、技术性的沟通。本项目能够成功突破近十年来 RTO 交易的重重瓶颈，赖于对规则的了解和监管部门的友好沟通。」
Philip Chan, Partner at Haiwen’s Hong Kong office, stated:"Since the Listing Rules impose restrictions on large-scale M&A by Chapter 18A companies, the challenge lay in navigating the specific regulatory framework of Chapter 18A while simultaneously meeting the approval requirements for both the Takeovers Code and RTO. Against the backdrop of strict RTO scrutiny in Hong Kong, this merger model had to ensure commercial rationale of both companies while addressing rigorous compliance scrutiny. We not only needed to attend to the vetting by both the compliance division and listing division of the HKEX, but also by the SFC regarding the Whitewash Waiver and Special Deal. Breaking through the RTO bottlenecks of the past decade relied on a deep understanding of the rules and proactive communication with regulatory authorities."
京港协同 Mainland-Hong Kong Synergy ✦ ✦ ✦
作为并购及资本市场领域的领军律所，海问北京办公室在项目中发挥了不可替代的「压舱石」作用。由于合并涉及境内外股权和资产的深度重组，每一步都需要严格符合中国内地监管及中国证监会关于境外上市备案的最新规则。海问的优势在于『京港一体化』的无缝作业，境内并购团队能够迅速识别境内法律风险，并在尽调、交易协议等环节上，将其转化为交易结构中的合规条款，而香港团队同步提供监管合规的建议。海问在跨境并购市场及中国证监会事务处理上的深厚积淀，为项目最终获批提供了坚实的支持。
As a leader in M&A and capital markets, Haiwen’s Beijing office played an indispensable role in the project. Because the merger involved deep restructuring of domestic and overseas equity and assets, every step had to strictly comply with Mainland Chinese regulations and the latest China Securities Regulatory Commission (CSRC) rules regarding overseas listing filings.Haiwen’s advantage lies in its "Mainland-Hong Kong Integration"— a seamless workflow where the domestic M&A team could quickly identify legal risks and translate them into tailored provisions during the due diligence and transaction agreements drafting exercises, with Hong Kong team concurrently advising on the regulatory aspects. Haiwen’s experience in cross-border M&A and CSRC matters provided solid support for the transaction’s final approval.
优秀组合 Strong Shareholders Base ✦ ✦ ✦
本次合并背后的股东阵容鼎盛，汇聚了全球的医疗健康领域投资机构和产业公司，包括高瓴、淡马锡、沃森生物、康恩贝、红杉、奥博等。
The merger is backed by a prestigious lineup of shareholders, bringing together some of the world’s top healthcare and biotech investment institutions, including Hillhouse, Temasek, Walvax Biotech, Conba Pharmaceutical, Hongshan Capital and OrbiMed.
面对如此多具备影响力的股东，海问团队在交易过程中不仅要处理复杂的法律技术问题，更在跨机构沟通、股东权益协调中展现了极高的专业成熟度，确保了这项涉及多方资本的复杂合并方案获得广泛认可。
Facing such an influential group of stakeholders, Haiwen team demonstrated high professional maturity—not only in handling complex legal technicalities but also in communication and the coordination of multiple parties’ interests, ensuring the merger plan received broad recognition from all parties.
专业团队 Professional Team ✦ ✦ ✦
在项目圆满收官之际，陈律师代表海问对客户与各方股东对海问团队的全程信任，以及参与本项目的京港两地团队同事，致以最诚挚的感谢。
With the successful closing of the transaction, Philip expressed his sincere gratitude to the clients and shareholders for their trust, as well as to his colleagues in Beijing and Hong Kong offices.
陈律师表示：「这个项目的成功，是海问京港两地多位杰出同事共同心血的结晶。我们要感谢每一位在海量法律文书与严苛尽职调查中坚守岗位的同事。同时，我们更要深切感谢客户以及各方股东在整个过程中给予的坚定支持。在面对无先例可循的问题时，客户与我们并肩作战、共同解决不同的难点，这种基于专业高度认可的伙伴关系，是项目最终能够完成的基石。这份荣誉属于每一位为项目付出过的海问同事，也属于所有与我们共同达成目标的合作伙伴。」
"The success of this project is the result of the collective hard work of many outstanding colleagues," Philip said. "In facing issues with no precedent to follow, the client fought alongside us to solve the obstacles. This partnership, built on a high degree of professional recognition, was the cornerstone of the project’s completion. This honour belongs to every Haiwen colleague who contributed to the project, and also to all our partners who worked with us to achieve our goals."
行业启示 Industry Implications ✦ ✦ ✦
嘉和生物与亿腾医药的合并，证明了 18A 章上市公司在面临行业整合时，亦可通过高难度的反向收购实现跨越式发展。海问律师事务所凭借本案，再次夯实了其在香港及内地资本市场、生命科学及跨境并购领域的地位，有望助力更多优秀企业在资本市场的创新征程中破浪前行。
The merger of Genor Biopharma and Edding Group proves that Chapter 18A listed companies can achieve leapfrog development through RTOs when facing industry consolidation. With this case, Haiwen & Partners has once again solidified its position in Hong Kong and Mainland capital markets, life sciences, and cross-border M&A sectors, and looks forward to assisting more successful companies in navigating innovative paths in the capital markets.
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