Jintian Group Said to Plan $400 Million Hong Kong Initial OfferFox Hu
Jintian Group, a Chinese pharmaceutical distributor, may seek about $400 million in an initial public offering in Hong Kong, according to two people with knowledge of the matter.
The company, based in Heilongjiang province, plans to start the offering next year, said the people, asking not to be identified because the information is private. Jintian is selecting investment banks to arrange the sale, they said.
Jintian operates drug stores across the northeast Chinese province that borders Russia. Two calls to the company’s office in Jiamusi city seeking comment went unanswered.
Shanghai Pharmaceuticals Holding Co., the country’s second-largest drug distributor, raised $2.1 billion in Hong Kong in May 2011. It was the biggest first-time share sale by a Chinese pharmaceutical company in the city, Bloomberg data show. The company has fallen 30 percent from its offer price.
Shanghai Fosun Pharmaceutical (Group) Co., which raised $516 million in October, has lost 1.4 percent from its offer price.