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July 30, 2009

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Home » Business » Manufacturing

Sinopharm to list in Hong Kong

SINOPHARM Holdings, majority owned by state-run China National Pharmaceutical Group, has been granted approval by Chinese officials to list in Hong Kong, sources said yesterday, in an IPO that could raise up to 7 billion yuan (US$1.03 billion).

The parent company plans to list drug distributor Sinopharm in September and is waiting for the Hong Kong Exchange's approval, said the banking sources.

Shanghai Fosun Pharmaceutical, a unit of Hong Kong's Fosun International, owns 47 percent of Sinopharm, according to a spokeswoman for Fosun International.

UBS AG, CICC and Morgan Stanley are among the banks handling the offering, the sources said.

China National Pharmaceutical Group Corp is China's largest pharmaceutical group, incorporating research with production and in charge of national reserves and the allocation and supply of emergency and relief medicines.

Sinopharm Holdings is the largest distributor in the Chinese pharmaceutical market. It owns majority stakes in China National Medicines and Shenzhen Accord Pharmaceutical.


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