Hony Capital Affiliates Seek HKD2 Billion from CSPC Share Sale (Asia)

Source: CSPC Pharmaceutical Group, Bloomberg  |  Author: Fox Hu, Zijing Wu

Affiliates of China-focused private equity firm Hony Capital are selling 500 million shares in Hong Kong-listed manufacturer of vitamins and generic drugs CSPC Pharmaceutical Group for HKD4.05 (approximately US$0.52) per share. Hony is seeking a total of HKD2 billion (approximately US$261.1 million) from the sale of a 13 percent stake in CSPC. The company’s stock, which was halted pending a statement on the share sale, closed at HKD4.35 (approximately US$ 0.56) in Hong Kong on 9 October. Hony originally invested in June 2007 and previously raised a reported HKD1.2 billion (approximately US$155 million) by selling CSPC shares in April 2013.