source from:WSJ
MARKETS
China Resources Arm Aims for Muscular Hong Kong IPO
Chinese Resources Pharmaceutical Group looks to raise more than $1 billion from offering



By ALEC MACFARLANE
June 27, 2016 7:58 a.m. ET
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China Resources Pharmaceutical Group Ltd. has filed for an initial public offering in Hong Kong that could rank it among the biggest health-care-related deals expected this year in Asia.


The company, the pharmaceutical arm of one of China’s biggest conglomerates, is looking to raise more than $1 billion and could potentially list shares as soon as September, according to a person familiar with the matter.


China Resources Pharma will join a clutch of Chinese pharmaceutical companies lining up to raise collectively more than $5 billion in Hong Kong IPOs this year, according to bankers working on the deals. Others include Simcere Pharmaceutical Group, a Chinese company that was delisted from the New York Stock Exchange in 2013, which is planning to raise as much as $1 billion in a Hong Kong IPO in the third quarter.


Bank of America Merrill Lynch, CCB International (Holdings) Ltd., China International Capital Corp. and Goldman Sachs Group Inc. are handling the China Resources Pharma offering.