Sept. 21 (Bloomberg) -- Sihuan Pharmaceutical Holdings Group Ltd. plans to raise as much as $700 million in an initial public offering in Hong Kong, according to two people familiar with the deal.
Morgan Stanley and UBS AG are managing the sale, said the people, who declined to be identified because the information was private. Haikou, China-based Sihuan Pharmaceutical, which delisted from Singapore’s stock exchange in December, plans to start trading in Hong Kong in late October or early November, the people said.
Rachel Chan, a Sihuan spokeswoman in Hong Kong, declined to comment. Nick Footitt, a Hong Kong-based spokesman for Morgan Stanley, and Chris Cockerill, a UBS spokesman in Hong Kong, also declined to comment.
Sihuan supplies drugs to hospitals across China through a sales network which covers almost every province in the country, according to the company’s website. Its drugs are used for the cardio-cerebral vascular system and the nervous system, the website says.
At least two other medical companies from mainland China, where demands are rising for drugs and medical services, are seeking to list in Hong Kong. China Medical System Holdings Ltd. is seeking about HK$1 billion ($129 million) in its initial sale, according to the prospectus for the transaction. The Shenzhen-based provider of pharmaceutical services plans to start trading on Sept. 28, the prospectus said.
MicroPort Scientific Corp., which makes equipment for keyhole surgery, raised about HK$1.54 billion selling shares at the top of its offer range, two people with knowledge of the transaction said yesterday. The Shanghai-based producer of coronary stents plans to start trading on Sept. 24, according to its prospectus.
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