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Drug firm eyes IPO of US$1.6b
Source: Agencies |
September 7, 2012, Friday
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CHINA National Biotec Group, the country's largest provider of vaccines and blood products, secured approval yesterday from the environment ministry to raise 10 billion yuan (US$1.6 billion) in a Hong Kong IPO.
The approval puts China National Biotec closer to its Hong Kong IPO, which if ultimately successful will breathe life into a moribund market for new listings in the city. But the company still needs to get the go-ahead from the China Securities Regulatory Commission.
The state-owned pharmaceuticals firm, a unit of Sinopharm Group, plans to raise 8.3-10.0 billion yuan via the IPO to fund business expansion, according to a prospectus posted on the environment ministry's website.
The deal would help lift the volume of new listings in Hong Kong, which had been the world's top IPO spot in 2009 and 2010. Volumes have plunged about 80 percent to US$2.7 billion so far this year.
The approval puts China National Biotec closer to its Hong Kong IPO, which if ultimately successful will breathe life into a moribund market for new listings in the city. But the company still needs to get the go-ahead from the China Securities Regulatory Commission.
The state-owned pharmaceuticals firm, a unit of Sinopharm Group, plans to raise 8.3-10.0 billion yuan via the IPO to fund business expansion, according to a prospectus posted on the environment ministry's website.
The deal would help lift the volume of new listings in Hong Kong, which had been the world's top IPO spot in 2009 and 2010. Volumes have plunged about 80 percent to US$2.7 billion so far this year.
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