Chinese IPO

Shanghai Pharma braves weak market with $2.2 billion IPO

Shanghai Pharma's IPO beats the odds to find good demand in difficult market conditions.
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China's healthcare market has doubled during the past five years</div>
<div style="text-align: left;"> China's healthcare market has doubled during the past five years</div>

Shanghai Pharmaceuticals Holding kicked off bookbuilding for a $2.2 billion HK$17.27 billion initial public offering in Hong Kong yesterday, despite a lukewarm primary market.

The company, one of China’s leading drug distributors, provides rare access to the country’s vast healthcare market a fact that helped drive demand on the first day of the roadshow, according to sources close to the deal, who said that good quality orders flowed in steadily yesterday.

Investors are betting that Chinese healthcare firms are set to benefit from the country’s growing economy, surging disposable income and aging population.

China’s healthcare spending grew to Rmb1.7 trillion $260 billion in...

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