Chinese pharmaceutical maker Luye Pharmaceutical, led by one of the wealthiest entrepreneurs in China's Shandong Province, is near the completion of a move of its listing from the Singapore Stock Exchange to Hong Kong's.
Luye, whose history traces to Shandong in 1994, went public in Singapore in 2004 as AsiaPharm Group, but delisted in 2012 due to low trading liquidity and other factors. The company launched a public offering in Hong Kong this month, and shares are expected to begin trading at the Hong Kong Stock Exchange on July 9, according to its prospectus.
Luye sells drugs used to treat cardiovascular disease and cancer, among other illnesses, according to the company prospectus.
A family trust controlled by Luye's chairman Liu Dianbo indirectly owns about 1.1 billion shares in the company. Those holdings would be worth HK$6.2 billion, or $806 million, at the maximum offering price of HK$5.92 per share for the IPO.
Luye's other investors include investment funds controlled by CITIC Group, CDH and New Horizon.
This month's listing of Tianhe Chemicals Group, a Chinese maker of lubricant additives and special fluorochemicals, at the Hong Kong Stock Exchange has formally turned its chairman Wei Qi into the richest man in the country's northeast region with a fortune worth more than $2 billion.
– Follow me on Twitter @rflannerychina
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