Hutchison China MediTech (Chi-Med) filed a third iteration of a prospectus for its $100 million IPO in the US, which still doesn’t include final pricing. Strictly speaking, the offering is an IPO of new ADS shares. These will be some multiple -- not yet disclosed -- of the company’s London-traded ordinary shares that are currently worth about $30.23 each. The new prospectus includes 9-month financial data for 2015, showing that Chi-Med was on track for a very good year. The price of the company’s London shares more than quadrupled in the two years of 2014-2015 and nearly doubled last year. 2016 hasn’t been so generous, with the company’s stock price sliding 25% in just six weeks.
