PE-backed Luye, Rundong target HK IPOs – report
Two private equity-backed Chinese companies – Rundong Automobile Group and Luye Pharma Group – are reportedly planning to raise a total of $1.5 billion through Hong Kong listings.
Rundong Automobile, a Jiangsu province-based car dealership company backed by KKR, intends to raise up to $300 million in the first half of this year, IFR reported. Bank of America Merrill Lynch and Morgan Stanley are arranging the share sale.
The company operates more than 50 dealerships, featuring brands like BMW and Land Rover. According to AVCJ Research, KKR committed $100 million for an undisclosed stake in Rundong in 2010.
Drugs developer and distributor Luye Pharma plans to go public in the second quarter at the earliest, raising approximately $750 million, The Wall Street Journal reported. The offering will give private equity investors CDH Capital, Citic Private Equity and New Horizon Capital the chance to exit their investments in the pharmaceutical company, which is expected to be valued between $1 billion and $1.5 billion.
CDH, Citic PE and New Horizon together acquired a majority stake in Luye Pharma - then listed on the Singapore Exchange - from Korea-based MBK Partners in March 2012. The consortium later made a cash offer to buy the remaining shares in the firm and take the company private.
Headquartered in Shanghai, Luye Pharma is a major specialty pharmaceutical company focusing on drug-delivery systems in China. It engages in the develops and sells patented prescription medicines in various fields, including oncology, orthopedics and neurology.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.