WuXi Going Public Again In Selected China, Hong Kong Listings
China’s WuXi AppTec is planning separate new stock listings for various parts of its business in both China and Hong Kong, potentially raising billions of dollars in the wake of an earlier go-private transaction.
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As predicted by Scrip last July, WuXi AppTec has moved one step closer to spinning out its biologics unit through an IPO on the Hong Kong equity market, while its main business unit is also proceeding with plans for a China domestic relisting.
WuXi AppTec is planning to spin out its biologics CRO/CMO unit in a Hong Kong IPO that is likely to raise at least $367m, sources have confirmed. The new funding would provide the fast-growing Wuxi Biologics subsidiary with the freedom and resources to make its own pipeline portfolio decisions.
The Chinese state-owned manufacturer and distributor China Resources Pharmaceutical Group is planning an up to $1bn IPO in Hong Kong this year, as part of an ongoing restructuring of its large diversified business and integration of assets.