Conglomerate ChinaBio Today Has Hong Kong IPO
7/10/2007 12:39:37 PM
July 10, 2007 – Last week, the giant Chinese conglomerate Fosun International staged a very successful IPO on the Hong Kong exchange. The offering raised $1.5 billion by finding investors for 20% of Fosun’s outstanding shares. Its subsidiary, Shanghai Fosun Pharmaceutical, trades on the Shanghai exchange. Fosun International said it would use the proceeds of the parent company’s IPO to pay down debt and make further acquisitions. Although the Chinese pharmaceutical scene seems ripe for major consolidation, it does not seem as though the Fosun strategy would favor adding drug company assets to Fosun Pharmaceuticals. More details...
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