Luye shareholders raise $100m from block

GIC, CDH Capital and New Horizon raised $100 million after selling a combined 50% stake in the Chinese pharmaceutical company.

Luye Pharma, which held one of last year's most successful flotations in Hong Kong, has completed its first block trade, netting three of its pre-IPO investors $100 million.

The Government of Singapore Investment Corporation, also known as GIC, and private equity firms CDH Capital and New Horizon collectively sold 86.2 million shares at HK$9.00 per share under the joint leads of UBS and Morgan Stanley.

The shareholders had initially sought to sell the Luye Pharma shares at between HK$9.00 and HK$9.30 per unit, representing a discount range of 3.2% to zero relative to the share's January 14 closing price.

...

¬ 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