China Resources Pharma seeks nod for US$2bil IPO

HONG KONG: China Resources Holdings Co’s pharmaceutical unit is planning to seek approval from the Hong Kong stock exchange this week to go ahead with an initial public offering (IPO) that may raise as much as US$2bil, according to people familiar with the matter.

China Resources Pharmaceutical Group Ltd, the country’s second largest drugmaker by revenue last year, aims to begin gauging investor interest as soon as next week if it wins the exchange’s approval on Sept 8, the people said, asking not to be identified because the information is confidential. The company is seeking to raise US$1.5bil to US$2bil, the people said.