Hony Capital trims CSPC Pharma stake

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...