Hony Capital trims CSPC Pharma stake

Private equity firm Hony Capital raised $484 million after selling 10% of its shares in CSPC Pharma in an accelerated block in Hong Kong.
CSPC Pharma's headquarters in Hebei
CSPC Pharma's headquarters in Hebei

Private equity firm Hony Capital trimmed its stake in CSPC Pharmaceutical on Monday, raising $484 million through an accelerated block trade after pricing 600 million shares at HK$6.25 each.

Hony remains a significant shareholder, owning 74% of the Chinese pharmaceutical company, although it will likely sell more shares after its six-month lockup expires. The HK$6.25 price tag represents a 7.1% discount to the May 26 closing price of HK$6.73.

The stock rose 6.8% once books opened on the back of solid first quarter earnings, although retreated again on Tuesday, dropping 7% and closing at HK$6.28.

CSPC’s...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222