AVCJ

Hony-backed China Consun Pharma targets up to $140m for HK IPO

  • LinkedIn  
  • Google plus  
  • Save this article  

Consun Pharmaceutical Group, a Chinese medicine retailer backed by Hony Capital, is seeking to raise up to HK$1.09 billion ($140 million) through an IPO in Hong Kong.

The Guangzhou-based drug manufacturer is offering 250 million shares at HK$3.63-4.36 apiece, a prospectus showed. The firm has attracted HK$226 million worth of subscriptions from three funds under Greenwoods Asset Management, as a cornerstone investor.

Upon completion of the IPO, Hony's 29.9% stake in Consun will be diluted to 22.4%. AVCJ Research records show the private equity firm invested RMB180 million ($30 million) in Consun in 2008.

According to a SMERI report cited by the company, its key product, uremic clearance granule, ranked first by sales between 2008 and 2012 for oral modern Chinese medicines used to treat kidney disease, commanding a market share of 24.1% last year. Another key product, gadopentetate dimeglumine injection, ranked third among magnetic resonance imaging (MRI) medical contrast agents last year.

In the first half of 2013, the company recorded a turnover of RMB228.4 million, up 25.5% year-on-year. Its profit, however, decreased 1.7% to RMB59.1 million due to reduced government grants.

Bank of China International is the sole sponsor and underwriter for the IPO.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Greater China

Latest News

Asian GPs slow implementation of ESG policies - survey
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...

  • GPs