CR Pharma IPO fuels expansion plans

China's second-largest drug manufacturer to raise funds for expansion amid industry consolidation.

China Resources Pharmaceutical Group CR Pharma has launched its Hong Kong initial public offering. The transaction has been eagerly awaited by investors because of its size and analyst expectations that the listed stock should perform better than other recent IPOs.

On Thursday the pharmaceutical arm of China Resources Holdings started bookbuilding for the transaction, which could raise as much as $1.57 billion $2 billion pre-greenshoe and $2.32 billion post-greenshoe.

Other billion-dollar IPOs in Hong Kong this year have not fared well. Postal Savings Bank of ChinaChina Zheshang Bank and BOC Aviation have largely underperformed the broader market since...

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