Sinopharm sells $526 million of new H-shares

The Chinese drugs distributor completes the fourth-biggest equity capital-raising in Asia this year through a private placement, while Shui On Land announces a rights issue of at least $474 million.
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The Sinopharm group is China’s biggest distributor of pharmaceutical and medical products
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<div style="text-align: left;"> The Sinopharm group is China’s biggest distributor of pharmaceutical and medical products </div>

Hong Kong-listed Sinopharm Group, China’s biggest distributor of pharmaceutical products, has raised HK$4.08 billion $526 million from a private placement its second such deal in two years.

The deal was completed last Wednesday night after a couple of days spent gauging the demand among a targeted group of potential investors. The investors were told that the bookrunners planned to launch the deal last Thursday, but might go sooner if they felt the deal was coming together well.

According to a company statement issued Thursday morning, the price was fixed at HK$24.60 per share, which translated into an 8.9% discount to Wednesday’s closing price of HK...

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