Shanghai Pharma to Raise $1.2 Billion in Hong Kong IPO

Shanghai Pharmaceuticals Holding Co. will stage an IPO in Hong Kong to raise 8 billion RMB ($1.2 billion) that it will use for acquisitions. A state-owned enterprise, Shanghai Pharma is a rival of Sinopharm (HKEX: 1099) in the China pharmaceutical distribution business, and its IPO seeks almost the same amount as Sinopharma’s IPO in Hong Kong one year ago. More details.... Stock Symbol: (SHEX: 601607)