Baiyunshan gains on fundraising plan
Print Edition
SHARES of Guangzhou Baiyunshan Pharmaceutical Holdings surged by the daily limit of 10 percent yesterday after it said it’s raising 10 billion yuan (US$1.6 billion) via a private placement to investors, including a private equity fund founded by Alibaba Chairman Jack Ma and his business partners.
Baiyunshan is raising the funds from five institutional investors, including Ma’s Yunfeng Capital and state-backed Guangzhou Pharmaceutical Group, the parent of Baiyunshan.
Yunfeng Capital is to subscribe to 500 million yuan worth of shares through the private placement.
Baiyunshan, which is selling a total of 419.5 million A shares at 23.84 yuan each, plans to use the proceeds for mergers and acquisitions, building a logistics system and an e-commerce platform, according to a stock exchange filing yesterday.
The company is also selling a maximum of 505 million yuan worth of shares to 4,897 executives and employees.
Baiyunshan resumed trading yesterday and closed at 29.82 yuan after being suspended since December 3 pending a major announcement.
Changjiang Securities yesterday placed a “buy” rating on the Baiyunshan.
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