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Hony Capital Affiliates Seek $260 Million From CSPC Share Sale

Hony Capital Ltd. affiliates are seeking about $260 million by selling shares in CSPC Pharmaceutical Group Ltd., terms for the transaction show.

Jinling Investment Ltd. and Joyful Horizon Ltd. are offering 500 million shares in CSPC, a Chinese maker of vitamins and generic drugs, at HK$4.04 to HK$4.10 apiece, according to a term sheet obtained by Bloomberg News. The stock, which was halted today pending a statement on the share sale, closed at HK$4.35 in Hong Kong yesterday.

Morgan Stanley is arranging the transaction, according to the terms. Victoria Li, a Hony spokeswoman, didn’t immediately return a call seeking comment.

Hony, a Chinese private equity firm, raised HK$1.2 billion ($155 million) selling CSPC shares in April, data compiled by Bloomberg show.

CSPC shares jumped 95 percent in 2013. The drug maker generated 71 percent of its revenue last year from China and 11 percent from America, according to data compiled by Bloomberg.

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