Shanghai Pharma raises $2 billion from Hong Kong listing

China's second-biggest drug distributor prices its H-share offering below the mid-point, but at a modest 2.4% discount versus its A-shares.

Shanghai Pharmaceutical on Friday completed the largest initial public offering in Hong Kong this year after fixing the price below the mid-point of the range at HK$23. This allowed the company to raise HK$15.3 billion $2 billion, which shows that investors are willing to look beyond the rather nervous trading in other recent IPOs and invest in what they consider high-quality stocks.

Shanghai Pharma is an integrated producer and distributor of...

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