Apr. 12, 2012 (China Knowledge) - Shanghai Fosun Pharmaceutical (Group) Co<600196
>, the medical subsidiary of Fosun International Ltd<0656
>, announced today that it has received approval from the China Securities Regulatory Commission
to launch an initial public offering on the Hong Kong Stock Exchange
The company said in a statement filed with the Shanghai Stock Exchange
that it plans to issue 547.5 million H shares in the deal. If an over-allotment option exercised, the firm will expand the offer to 714.15 million.
The planned H-share offering is subject to approval from the Hong Kong Stock Exchange
Media reports said earlier that the company had cut its fundraising target to between US$600 million and US$800 million from the previous US$1 billion because of weak market condition.
Upon completion of the H-share listing, Fosun Pharmaceutical will become the second mainland pharmaceutical with shares listed in both Shanghai
and Hong Kong
Pharmaceuticals Holding Co Ltd<601607><2607>.
In 2011, Fosun Pharmaceutical saw its net profit surge 43.65% year on year to RMB 1.17 billion and its operating revenue grow 42.37% to RMB 6.49 billion.