China National Biotech Group Approved for $1.6 Billion Hong Kong IPO

Published: Sep 06, 2012

by Richard Daverman, PhD

September 6, 2012 -- China National Biotec Group, a unit of China's sprawling state-owned pharmaceutical giant, Sinopharm Group, will seek to raise up to 10 billion RMB ($1.6 billion) in a Hong Kong IPO. The company was given an OK to stage its previously announced IPO by Hong Kong’s environment ministry today. It still needs the blessing of the China Securities Regulatory Commission before it can proceed. China National Biotech is the country's largest provider of vaccines and blood products. No date for the offering has been released so far. More details....

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