Sinopharm Medicine To Launch IPO In Hong Kong
This article was originally published in PharmAsia News
Sinopharm Medicine Holding, a core subsidiary of Sinopharm, will launch its initial public offering in Hong Kong soon, according to sources who disclosed that the firm has obtained approval from the authorities and will hold a public hearing next week. The official listing, targeted for late August or early September, is expected to raise up to RMB 7 billion ($1.02 billion). However, Sinopharm Medicine Holding denied the news, but said that it would likely restructure the pharmaceutical and trade business with another Sinopharm listed subsidiary Accord Pharm after the IPO if it occurs. The move is to boost the company's poor performance in retail drugstore business, which currently only accounts for 3.6 percent of its total revenue. (Click here for more - Chinese Language)
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