Friday , November 15 2019

Chinese contract drugmaker plans Hong Kong listing

Bloomberg

Pharmaron Beijing Co is planning a Hong Kong share sale only six months after the contract drugmaker went public in China, according to people with knowledge of the matter.
The Shenzhen-listed company is working with financial advisers as it prepares to sell shares in Hong Kong as soon as this year, the people said, asking not to be identified because the information is private. The listing could raise around $500 million based on Pharmaron’s current market value, one of the people said.
Shares of Pharmaron climbed as much as 1.4 percent in on Wednesday trading in Shenzhen, giving it a market capitalisation of about 23 billion yuan. The stock has more than quadrupled since the company’s January IPO, which raised $73 million.
Pharmaron would follow rival WuXi AppTec, which also completed listings in Shanghai and Hong Kong within the same year.

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