Luye Raises US$764 Million With Hong Kong IPO

Luye Pharma has raised US$764 million through an IPO on the Main Board of the Stock Exchange of Hong Kong.

AsianScientist (Jul 16, 2014) – Luye Pharma Group Ltd. has been officially listed and commenced trading on the Main Board of The Stock Exchange of Hong Kong Limited. The initial public offering (IPO) raised US$764 million, offering 999.6 million shares at HK$5.92 (US$0.76) apiece.

An aggregate turnover of approximately HK$1.74 billion (~US$0.22 billion) was traded with 258.2 million shares being changed hands. Luye’s share price closed at HK$6.7 (~US$0.86), up 13.2 percent from the offer price. The Company’s new issue was one of the most successful initial public offerings (IPO) in the Hong Kong stock market so far this year. The listing signified an important milestone for the Company’s entry into the international capital market.

UBS Securities Hong Kong Limited, Citigroup Global Markets Asia Limited and CITIC Securities Corporate Finance (HK) Limited are the Joint Sponsors of this offering. UBS AG, Hong Kong Branch, Citigroup Global Markets Asia Limited and CLSA Limited are Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers.

Executive Chairman and Chief Executive Officer of Luye, Liu Dian Bo said, “As the largest Hong Kong pharmaceutical IPO for the past two years, the Company’s strong share price performance today reflected investors’ favorable view on the prospect for the Company and the capability of our senior management.”

“Our company focuses on developing, producing, marketing and selling innovative pharmaceutical products in China. We will endeavor to seize market opportunities, actively optimize existing business, continue to invest in innovative research and development and increase our market share in the PRC market.”

Founded in 1994, Luye Pharma manufactures medical products for oncology, cardiovascular, orthopedic, gastroenterology and central-nervous-system diseases.

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Source: Luye Pharma.
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