United Laboratories prices Hong Kong IPO at the top

Institutional investors get 70% of the $105 million offering from the Chinese drug maker. Retail subscriptions are less overwhelming.

The United Laboratories International TUL, a Chinese manufacturer of generic Western drugs, has raised HK$825 million $105 million from its initial public offering after fixing the price at the top of the indicative HK$2.25 to HK$2.75 range.

This came after the deal was oversubscribed by both institutional and retail investors despite an 11.5% share price drop for its closest competitor during the roadshow and general weakness among recent listings in the same sector. According to a...

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