Haiwen acted for Genor Biopharma in the first reverse takeover announced by a Hong Kong-listed pre-revenue biotech company2024年10月7日，嘉和生物（06998.HK）發布交易公告，宣布與億騰醫藥達成合并協議。根據交易公告，本次交易是嘉和生物向成熟且全面整合的生物制藥公司邁出的關鍵一 步，預期將為嘉和生物及億騰醫藥帶來互補及協同效應，并為合并完成后經擴大集團的可持續發展奠定良好的基礎。On 7 October 2024, Genor Biopharma (06998.HK) announced that it had entered into a merger agreement with Edding Group. According to the announcement, this transaction is a key step for Genor Biopharma to transform into a developed and fully integrated biopharmaceutical company, and is expected to bring complementary and synergetic effects to both Genor Biopharma and Edding Group, and lay an important foundation for the sustainable development of the enlarged group upon the closing of the merger.本次交易亦是港股18A公司（未盈利和沒有收入的生物科技公司）首次公布進行反向收購的案例。目前，香港聯交所主板有超過50家以《上市規則》18A章上市的生物科技公司，此前并未有公布進行如本次交易般大型收購的案例；根據上市規則第18A.10條，未經香港聯交所事先同意，生物科技公司不得進行任何個別或安排或一系列收購、出售或其他交易或安排。因此，本次交易預期將為市場奠定同類交易的基礎。
This transaction is also the first reverse takeover announced by a Hong Kong-listed “Chapter 18A” company (i.e. a pre-revenue biotech company). To date, more than 50 biotech companies are listed on the Main Board of the Hong Kong Stock Exchange pursuant to Chapter 18A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”), and none of these companies has announced any large-scale merger and acquisition similar to this transaction. Pursuant to Rule 18A.10 of the Listing Rules, without the prior consent of the Hong Kong Stock Exchange, a biotech company listed under Chapter 18A of the Listing Rules must not effect any acquisition, disposal or other transaction or arrangement or a series of acquisitions, disposals or other transactions or arrangements. Accordingly, this transaction is expected to be the milestone and landmark for future transactions of this kind.除需要符合香港聯交所《上市規則》關于反向收購的規則之外，本次交易的代價將由嘉和生物透過發行代價股份的方式悉數結算，根據交易公告的假設，億騰醫藥的股東將在交易后持有經擴大集團的77.79%股份。因此，本次交易也涉及根據香港證監會《收購守則》規則26豁免注釋1向香港證監會執行人員申請清洗豁免。
Other than fulfilling the provisions of the Listing Rules on reverse takeovers, the consideration of this transaction will be settled by Genor Biopharma by issuing consideration shares upon the closing of the merger. Based on the assumptions disclosed in the announcement, the shareholders of Edding Group will be holding approximately 77.79% of the issued shares of the enlarged group upon the closing of the merger. Thus, this transaction also involved an application to the Executive of the Securities and Futures Commission of Hong Kong for the whitewash waiver pursuant to Note 1 on dispensation from Rule 26 of the Hong Kong Code on Takeovers and Mergers (the “Takeovers Code”).海問在本次交易中繼續發揮全所資源共享、一體化的內部制度優勢，由海問北京辦公室和海問香港辦公室共同擔任嘉和生物的法律顧問，就合并協議、香港監管（包括香港聯交所《上市規則》及香港證監會《收購守則》、關連交易、特別交易、股權計劃）、內地監管等各項法律事務提供一站式的服務。
In this transaction, Haiwen continues to utilise its strength in resource-sharing network across the firm and the integrated internal systems. Our Hong Kong and Beijing offices acted together as the legal adviser for Genor Biopharma to provide one-stop shop service for various legal matters, including the merger agreement, Hong Kong regulatory matters (including Listing Rules, Takeovers Code, connected transactions, special deals, and share schemes), as well as regulations in the Mainland of China.本次交易分別由香港辦公室合伙人陳嘉信律師、北京辦公室合伙人唐江山律師牽頭，并由兩地辦公室的律師團隊共同參與。本次交易再次印證了海問律師事務所同時處理兩地復雜跨境交易的能力，充分利用全所律師的不同業務專長并調動全所的資源，為解決本項目執行過程中的多樣化的法律問題為客戶提供支持。
This transaction was led by Philip Chan, partner at Hong Kong office, and Jackson Tang, partner at Beijing office, who are supported by our team of lawyers in the two offices. This transaction has, again, showcased Haiwen’s ability to handle complex cross-border transactions, to fully utilise different specialised practice areas of our lawyers and to coordinate resources among multiple offices, so as to support our clients in solving different legal issues during the execution of the transaction.https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1007/2024100700010_c.pdf
Please refer to the following link to the announcement of the transaction:
https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1007/2024100700009.pdf
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