JRoon, for many years EddingPharma tried to go public to be listed on the Hong Kong but they weren't financially qualified, and their financials were always stale because of the Chinese govt requirements.
Yiteng is the conglomerate that owns Genor, which did a reverse merger with Eddingpharma. Edding Genor was the surviving entity. See below info
Direct Answer: Yes. Eddingpharm (Edding Group) became publicly traded in Hong Kong through a reverse merger with Genor Biopharma, which was controlled by Yiteng Pharmaceutical. This transaction allowed Eddingpharm to list on the Hong Kong Exchange via a backdoor listing structure.
🔎 What Happened
Reverse Merger Structure: Genor Biopharma, already listed on the Hong Kong Exchange under Chapter 18A (biotech IPO regime), merged with Edding Group.
Genor issued 1.8 billion new shares to Edding’s shareholders.
After completion, Edding’s shareholders held ~77.4% of the merged entity, while Genor’s original shareholders retained ~22.6%.
Role of Yiteng Pharmaceutical: Yiteng (sometimes referred to as E-Teng) was the controlling shareholder behind the transaction. After the share swap, Yiteng’s shareholders became the controlling owners of the merged company, effectively shifting control from Hillhouse Capital (Genor’s prior backer) to Yiteng.
Outcome: The merged company was renamed Edding Genor Group, marking the first reverse takeover of a Chapter 18A biotech listing in Hong Kong. This gave Eddingpharm a public listing without going through a traditional IPO process.
📌 Why It Matters
Strategic Benefit: Reverse mergers are often used by private companies to gain access to public capital markets more quickly. For Eddingpharm, this was a way to secure a Hong Kong listing and broaden investor access.
Industry Significance: This deal was notable because it was the first backdoor listing in Hong Kong’s biotech sector under Chapter 18A, setting a precedent for other biotech firms seeking similar pathways.
Control Shift: The merger not only gave Eddingpharm a listing but also transferred control of Genor Biopharma from Hillhouse Capital to Yiteng/Edding’s shareholders.
✅ Summary: Eddingpharm did not directly merge with Yiteng Pharma alone; instead, it executed a reverse takeover of Genor Biopharma, with Yiteng’s shareholders becoming the new controlling owners. This maneuver successfully made Eddingpharm publicly traded on the Hong Kong Exchange.
Sources:
Would you like me to break down the legal mechanics of reverse mergers (how they differ from IPOs and why biotech firms favor them), or focus more on the financial implications for Eddingpharm’s shareholders?
Biopharma Holdings Limited, a Hong Kong–listed biotech company. After the transaction, Genor Biopharma was renamed “Edding Genor Group Holdings Limited”, and Edding’s shareholders became the controlling owners. The listed entity on the Hong Kong Exchange is not “Eddingpharm” alone but the renamed merged company, Edding Genor Group
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