Hony Capital trims stake in CSPC Pharmaceutical by $154 million

The upsized deal comes at a 10.2% discount and will open the door for the private equity firm to convert part of an $860 million CB following a surge in the share price.

Hony Capital trims stake in CSPC Pharmaceutical by $154 million

A company controlled by Chinese private equity firm Hony Capital last night sold part of its stake in Hong Kong-listed CSPC Pharmaceutical, raising HK$1.2 billion $154 million.

While it didn’t spell it out directly, the sale is likely to have been prompted by a desire to convert some of its CSPC Pharma convertible bonds after the share price has rallied 80% this year. According to the conditions, the CB can only be converted...

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