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Shanghai Fosun Pharma applies for US$800-mln HK IPO

Feb. 9, 2012 (China Knowledge) - Shanghai Fosun Pharmaceutical (Group) Co<600196>, the medical subsidiary of Fosun International Ltd<0656>, China's largest privately-owned conglomerate, has submitted an application to the Hong Kong Stock Exchange for its initial public offering with fundraising between US$600 million and US$800 million.

The pharmaceutical firm's IPO is expected to be take place in the second quarter of 2012 with a size less than its original fundraising of US$1 billion due to China's bearish mainland market. The Shanghai-listed firm's A share price increased over 8% in the past one month after dropping a combined 37% in 2011.

J.P. Morgan Chase & Co, Deutsche Bank AG and China International Capital Corp have been assigned to handle the IPO.

In the third quarter of last year, Shanghai Fosun Pharmaceutical's operating revenue surged 39.17% year on year to RMB 4.63 billion, and its operating profit stood at RMB 1.39 billion, up 40.75% from a year earlier. Earnings per share for the period amounted to RMB 0.56.

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