China Medical System Said to Raise $129 Million in Initial Public Offering
China Medical System Holdings Ltd., which provides pharmaceutical services, raised about HK$1 billion ($129 million) in a Hong Kong initial share sale after selling stock at the top of a range offered to investors, according to two people familiar with the sale.
The Shenzhen, southern China-based company sold 200 million shares at HK$5.06 apiece, said the people, who declined to be identified because the information was private. China Medical System offered the stock at HK$3.60-HK$5.06 each, according to its IPO prospectus.
UBS AG managed the initial sale, the prospectus said. Chris Cockerill, a UBS spokesman in Hong Kong, declined to comment.
China Medical System plans to delist from London’s Alternative Investment Market on Sept. 28 and start trading in Hong Kong on the same day with the ticker 867 HK, according to the prospectus. Calls to the company’s head office in Shenzhen went unanswered today, a public holiday for mainland China.
The stock sold included 170 million new shares and 30 million shares from Lam Kong, chairman and controlling shareholder of China Medical System, according to the prospectus.
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