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China's Fosun Pharma launches up to $304 million share offer: IFR
May 16, 2017 / 12:04 PM / 7 months ago

China's Fosun Pharma launches up to $304 million share offer: IFR

HONG KONG (Reuters) - Chinese drugmaker Shanghai Fosun Pharmaceutical (600196.SS)(2196.HK) launched an up to $304 million share offering in Hong Kong on Tuesday, IFR reported, citing a transaction term sheet.

FILE PHOTO: Signs are seen on the headquarters of Shanghai Fosun Pharmaceutical Group in Shanghai, China, March 29, 2016. REUTERS/Aly Song/File Photo

The company, part of billionaire Guo Guangchang’s Fosun Group, is offering 55 million new shares in the base deal in an indicative range of HK$28.75 to HK$29.65 each, with an option to increase the offering by 25 million shares, added IFR, a Thomson Reuters publication.

    That would value the deal at up to HK$2.37 billion ($304 million), including the extension option.

    Fosun Pharma, as the company is known, did not respond to a Reuters request for comment on the share sale.

    The price is equivalent to a discount of up to 7.4 percent to Tuesday's close of HK$31.05, having touched its highest level since June 2015. The share price has gained 31 percent so far this year, easily outpacing a 15 percent rise in the benchmark Hang Seng index .HSI.

    Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by David Goodman

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