China National Biotec Is Said to Plan $1.5 Billion Hong Kong IPOFox Hu
China National Biotec Group, China’s largest biotechnology company, is planning an initial public offering to raise about $1.5 billion in Hong Kong, said two people with knowledge of the matter.
The unit of Sinopharm Group Co. may file an application to Hong Kong’s stock exchange by the end of March and start the offering as early as in the second quarter, said the people, who asked not to be identified because the information is private. Sinopharm is China’s biggest pharmaceutical distributor by market value.
China International Capital Corp., Morgan Stanley and UBS AG will manage the offering, the people said. An external spokeswoman for National Biotec declined to comment on the plan.
National Biotec, based in Beijing, is the fourth-biggest vaccine maker in the world, according to its website. It has about 8.6 billion yuan ($1.4 billion) of assets and annual sales of more than 5 billion yuan, the website shows.