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Shanghai Pharma to raise 8bn yuan in HK market
By Ding Yining |
September 9, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI Pharmaceutical Holding Co said its board members have approved an 8 billion yuan (US$1.17 billion) Hong Kong market listing plan to replenish capital for further merges and acquisitions.
The company will float about 667 million new H shares for at least 17.6 yuan per share, representing no more than 25 percent of the total stake after the listing, it said in a statement to Shanghai Stock Exchange yesterday.
The fund will be used for merges and acquisitions in domestic as well as overseas market to expand its business portfolio.
It will also take over parent company Shanghai Pharmaceutical Group's antibiotics business to boost profitability.
"Other acquisition targets will be mainly production facilities that are strategically important to Shanghai Pharma's development," president Lu Mingfang told a media briefing yesterday.
Average annual growth rate of China's pharmaceutical industry will be between 18 to 20 percent in the next few years, according to Lu, as the country is working on a blueprint to lift the market value of its pharmaceutical industry to between 5 to 6 percent of the nation's overall GDP in the next ten years.
The company will also strengthen research efforts to develop high value-added products.
The company will float about 667 million new H shares for at least 17.6 yuan per share, representing no more than 25 percent of the total stake after the listing, it said in a statement to Shanghai Stock Exchange yesterday.
The fund will be used for merges and acquisitions in domestic as well as overseas market to expand its business portfolio.
It will also take over parent company Shanghai Pharmaceutical Group's antibiotics business to boost profitability.
"Other acquisition targets will be mainly production facilities that are strategically important to Shanghai Pharma's development," president Lu Mingfang told a media briefing yesterday.
Average annual growth rate of China's pharmaceutical industry will be between 18 to 20 percent in the next few years, according to Lu, as the country is working on a blueprint to lift the market value of its pharmaceutical industry to between 5 to 6 percent of the nation's overall GDP in the next ten years.
The company will also strengthen research efforts to develop high value-added products.
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