Hony offloads CSPC stake in $1.26b sale

The Chinese private equity firm takes advantage of scorching Hong Kong capital markets to divest holding in mainland pharma firm.

Hony offloads CSPC stake in $1.26b sale

Private equity firm Hony Capital has raised $1.26 billion after selling off its entire 23% stake in CSPC Pharmaceutical, exploiting the company’s near 20% 11-day rise as mainland investors continue to flood the Hong Kong markets.

CSPC Pharmaceutical’s shares have jumped 18% since March 27, in line with the Hang Seng Index, which has risen 13% in the same time period.

The accelerated share sale launched late Thursday evening in Hong Kong,...

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