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. (1093), 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.
To contact the editor responsible for this story: Philip Lagerkranser at firstname.lastname@example.org