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Companies

Shanghai-listed WuXi AppTec to raise up to $1bn in Hong Kong IPO - Sources

HONG KONG (Nikkei Markets) -- Shanghai-listed drug research and development services company WuXi AppTec plans to raise up to HK$8.33 billion ($1.06 billion) from a listing in Hong Kong, two sources familiar with the matter said on Wednesday.

The company, also a group associate of Hong Kong-listed WuXi Biologics, is offering about 116.5 million shares in the initial public offering in a price range of HK$64.10 to HK$71.50 each, said the persons, who did not wish to be identified. The offering has an over-allotment option for up to 17.5 million shares, or 15% of the shares being offered.

The company, which listed its shares in Shanghai in May, earned 1.30 billion yuan ($187.6 million) in net profit for the six months ended Jun.e 30, up from 781.7 million yuan in the same period a year earlier. Its revenue during the period climbed to 4.41 billion yuan from 3.67 billion yuan, according to a draft prospectus filed with the stock exchange.

The Shanghai-listed shares were little changed at 78.33 yuan in early trading on Wednesday, while WuXi Biologics' shares gained 0.8% to HK$60.40.

WuXi AppTec's shares are expected to list in Hong Kong on Dec. 13.

Morgan Stanley Asia, Huatai Financial Holdings and Goldman Sachs (Asia) are the joint sponsors for the offering.

-- Amy Lam and Carrie Chen

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