Hao Hai Bio-Tech Receives RMB 80 Million Termination Payment Following Partnership Exit Triggered by Carl Zeiss Acquisition

On the evening of August 20, 2025, Haohai Biotech issued an announcement declaring the official termination of the cooperation agreement between its wholly-owned subsidiary and Hengtai Optics. According to the agreement,Hengtai Optics Major Shareholders to Pay Haohai Biotech 80 Million Yuan in Termination Compensation.

The direct trigger for the termination of this cooperation isCarl Zeiss Plans to Acquire Hengtai OpticsChange of Control Triggered by 100% Shareholding, this change triggered the relevant termination clauses in the cooperation agreement between the two parties.

After the announcement, the stock price of Haohai BiotechThe volatility in the pre-market on August 21 highlighted the attention this event has garnered in the capital markets. To understand the ins and outs of this cooperation termination, it is necessary to start with the basic situation of the two companies and their past collaboration.

Cooperation Partners: Medical Device Enterprises with Their Own Areas of Expertise

As the core parties in this incident, Haohai Biotech and Hengtai Optics have each made significant contributions to the medical device field.

Haohai Bio-Sci is a well-known enterprise in China's medical device industry.Listed on the Main Board of the Hong Kong Stock Exchange in April 2015, and then landed on the STAR Market of the Shanghai Stock Exchange in October 2019, becomingChina's First "A+H" Biomedical Listed Company. The business covers several core areas such as ophthalmology, plastic surgery and wound care, and orthopedics, maintaining a leading position in niche markets like ophthalmic viscoelastic agents and surgical anti-adhesion agents for a long time.

AndHentai Optics is the largest manufacturer of rigid contact lenses in Taiwan., sinceSince its establishment in 1976, the company has been focusing on the field of optometric products. As a locally developed enterprise in Taiwan, China with over 50 years of history, Hiline Optical Co., Ltd. possesses a complete system for research and development, design, and manufacturing in the fields of rigid gas permeable contact lenses (RGP) and orthokeratology lenses (OK lenses). Its products have obtained market approval in multiple countries and it has leading ODM/OEM output capabilities in the region. Over 70% of orthokeratology lenses in Taiwan are from Hiline Optical, and its products are sold across more than 20 provinces in mainland China. It has also established a stable customer network in many Asian countries.

It is precisely these two companies, each with their own strengths in their respective fields, that have engaged in deep cooperation in the field of myopia prevention and control products.

Cooperation History: From Joint Layout to Market Win-Win

The cooperation between Haohai Biotech and Hengtai Optics beganMarch 2021,At that time, Haohai Holdings signed the "Exclusive Distribution Contract" and "Technical Authorization Agreement" with Hengtai Optics and Shanghai Hengtai Vision Technology Co., Ltd.

The agreement stipulates that Hiline Optical grants Hiline Vision high-end orthokeratology rigid gas-permeable contact lens products (OK Lens "myOK" in mainland China,Exclusive distribution rights for a term of 10 years (until December 31, 2030); and continue to grant Hengtai Vision the exclusive distribution rights for the optical lenses "Beishide" for children's myopia management and control in mainland China.

At the same time, Haohai Biotech also through its subsidiaryAcquired 55% equity of Hengtai Vision for 25 million yuan, making Hengtai Vision a controlling subsidiary of the company and incorporating it into the consolidated financial statements.

Over the years of cooperation, both parties have worked together in marketing promotion and channel development. In response to the growing trend of myopia prevention and control needs among teenagers, they jointly organized multiple offline events to educate parents and students on related knowledge and promote products. These activities covered several major cities in China, effectively enhancing product awareness.

At the same time, Haohai Biotech, with its mature sales network, quickly promoted Hengtai Optical's products to medical institutions and optometry centers at all levels. Through cooperation with chain ophthalmic hospitals and professional optometry clinics, it achieved widespread distribution. Relevant data shows that during the cooperation period, the sales of Hengtai Optical's related products in mainland China steadily increased, occupying an important position in the niche market for myopia prevention and control products.

This cooperation has come to an abrupt end due to external acquisitions, and Haohai Biotech has also clarified its subsequent strategic direction.

Future Roadmap: Haohai Biotech Focuses on Self-Developed Products

As Carl Zeiss completes the acquisition of Hengtai Optics, Haohai Biotech loses exclusive distribution rights to two key products.——OK Lens "myOK" and Children's Myopia Control Optical Lenses "Precise"。

In addition, its holding subsidiary Xiamen Nanpeng Optical Co., Ltd.Hengtai Optical Orthokeratology Lens ProductsHiline, Rigid Gas Permeable Contact Lenses ("RGP")The exclusive agency and distribution rights for products in mainland China will expire in January 2026.

In response to the termination of cooperation with HENGTAI OPTICAL, Haohai Biotech stated that it would no longer sell related products from HENGTAI OPTICAL. Haohai Biotech also clarified the subsequent business direction in the announcement:Increase the marketing efforts for self-developed products.

Currently, the company has"ChildJoy" and "ChildBright" and other independently developed OK lens products, as well as a series of new optometry products, which means thatBy strengthening the layout of self-developed products to address business adjustments caused by the termination of cooperation.

This strategic choice by Haohai Bio-Sci also brings to mind other cases of terminated cooperation in the medical device industry, which include both exemplary amicable separations and situations that have fallen into disputes.

Industry Mirror: Two Different Outcomes of Cooperation Termination

In the medical device industry, the termination of cooperation between companies is not uncommon, and the process and outcomes also take on different forms.If the split between Haohai Biotech and Hengtai Optics is considered a "peaceful breakup," then by contrast, the dispute over the distribution rights for the "Babyface Needle" presents a completely different scenario.

In August 2022, *ST Suwu (formerly Jiangsu Wuzhong) holding subsidiary Dato Medical signed an agreement with REGEN and other two parties to obtain the exclusive distribution rights of "Babyface Needle" AestheFill in China, valid until August 28, 2032.

However, a major turning point occurred in the cooperation after Aimeike acquired 85% of REGEN's equity in March 2025. On July 18, REGEN delivered a "Termination Letter" and revoked authorization, citing Datou Medical's transfer of business and reputational damage caused by violations from related parties. *ST Suwu firmly denied the allegations and filed for arbitration with the Shenzhen International Arbitration Court, requesting confirmation of the agreement's validity and demanding its continued performance. They even proposed a claim as high as...Claim for 1.6 Billion Yuan in Damages。

The intense dispute between the two parties not only affected the product's market promotion but also had a negative impact on the brand image, becoming a typical case of terminated cooperation and fallout within the industry.

Industry Reflections Behind the Termination of Cooperation

From the termination of the cooperation between Haohai Biotech and Hengtai Optics, toThe dispute over the agency rights of "Baby Face Needle" outlines a complex landscape of cooperation in the medical device industry. The termination of cooperation between Haohai Biotech and Hengtai Optics due to an external acquisition, though regrettable, was peaceful. Haohai Biotech's strategic shift towards focusing on self-developed products also offers a way to address changes in collaboration.

These cases also provide enlightenment for industry enterprises: In the early stage of cooperation, potential risks should be fully considered and response clauses should be set in the agreement; during the cooperation process, synergy and communication must be maintained; even when facing termination, it should be handled in a rational manner as much as possible to reduce the impact on both parties' businesses. The development of the medical device industry relies on cooperation and competition among enterprises, and how to achieve a smooth transition amidst changes will remain an ongoing challenge for companies.

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