On April 15, 2025, GENOR-B's submission of a listing application to the Hong Kong Stock Exchange created significant ripples in the biomedical industry. Behind this application lies not only Yiteng's key progress in achieving indirect listing through reverse merger with GENOR-B, but also an innovative model as "Hong Kong's first 18A unprofitable biotech company reverse acquisition," exploring a new pathway for resource integration and capital operations in the industry.
This merger is being "treated as an IPO" by the market. The breakthrough nature of this model lies in avoiding the complex processes of traditional IPOs while leveraging the 18A rule's inclusive mechanism for unprofitable biotech enterprises, opening up a more flexible capitalization channel for quality companies.
For Yiteng, this "backdoor listing" is not accidental: this company, which has been deeply involved in biopharmaceuticals for over twenty years, although previously unsuccessful in IPO attempts, has accumulated solid capital operation experience and market knowledge. Meanwhile, GENOR-B, as an already-listed 18A company, provides the crucial leverage point for this merger with its platform value and capital attributes.
From a business synergy perspective, the underlying logic of this merger is "capability complementarity" and "value resonance." As a comprehensive professional biopharmaceutical company, Yiteng Pharmaceutical's core competitiveness lies in its "full-chain operational capability" - from global patented drug introduction and clinical development to manufacturing and commercial implementation, it has built a complete ecosystem covering "R&D-production-sales."
Particularly noteworthy is that Yiteng Pharmaceutical has formed a diversified product matrix including original research products and innovative drugs, covering major therapeutic areas such as anti-infection, cardiovascular (CVD), and respiratory systems, with core products already commercialized. GENOR-B, as a representative company in the 18A sector, with its capital operation capabilities and market influence as a listed platform, can provide more efficient resource support for Yiteng's product matrix expansion and global layout.
Performance results provide the most direct "confidence" for this merger. According to the prospectus, during the three fiscal years from 2022 to 2024, Yiteng Pharmaceutical's operating revenue continued to grow, with net profit also maintaining steady improvement. This "certainty growth" stems not only from the market competitiveness of its core products but also validates the effectiveness of its dual-track model of "original drug commercialization + innovative drug R&D."
For investors, such performance not only proves the company's operational capabilities but also serves as an important guarantee for the future value of the new platform after the merger.
From submission to listing application, the journey of Yiteng GENOR-B has just begun. However, it can be foreseen that this merger not only enables Yiteng to achieve backdoor listing but also integrates the advantageous resources of both parties, injecting strong momentum for future development. Under the dual drive of innovation and capital, this newly born pharmaceutical group may write more exciting chapters for the industry.
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