Fosun Pharma returns to onshore debt market

Hong Kong- and Shanghai-listed group hopes to take advantage of new liquidity flowing through the system.
Guo Guangchang
Guo Guangchang

Shanghai Fosun Pharmaceutical Group begins bookbuilding for an Rmb3 billion $471 million domestic bond issue on Wednesday, hoping to take advantage of new liquidity flooding into the financial system following the central’s bank surprise cut to banks’ reserve requirement ratio RRR on Monday.

The medical products manufacturer, controlled by mainland billionaire Guo Guangchang, is returning to the domestic bond market for the first time since September when it issued Rmb400 million off its MTN programme via ICBC and the Import Export Bank of China. That three-year deal carries a 3.95% coupon and an AA rating from Shanghai Brilliance Credit Rating and Investor Services.

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