Apr. 25, 2012 (China Knowledge) - Shanghai
Fosun Pharmaceutical (Group) Co<600196
>, the medical subsidiary of Fosun International Ltd<0656
>, China's largest privately-owned conglomerate, has received approval from regulators to launch its initial public offering in Hong Kong
with fundraising of not more than US$800 million.
A person familiar with the matter said the pharmaceutical firm has yet made out timetable for the IPO but has no plans to start the IPO recently. In the proposed IPO, not more than 547 million H shares would be issued, the person added.
In January 2012, the company reduced its IPO size from US$1 billion it forecasted last March to not more than US$800 million, as its A share price declined 37% last year, underperforming the Shanghai Composite index
with a decline of 22%.
The firm's A shares, however, grew 14% since the start of the year.
J.P. Morgan Chase & Co, Deutsche Bank AG and China International Capital Corporation Ltd have been assigned to handle the deal, sources reported.