Sinopharm Group, the largest distributor of pharmaceutical and healthcare products in China, has raised about US$515 million through its new H-share placement despite difficult market conditions, said a lawyer involved.
“In 2012 and the first quarter of 2013, we witnessed a sharp decline in IPO fund raising in Hong Kong,” Charles Chau, a Hong Kong-based capital markets partner at Morrison & Foerster, told China Business Law Journal.
Morrison & Foerster advised China International Capital Corporation Hong Kong Securities, UBS Hong Kong branch and Morgan Stanley International as placing agents for Sinopharm in this placement. Chau led the law firm’s transaction team.
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