Press time:2016-10-17From:CR Pharma [ Font:BigMediumSmall]
A leading integrated pharmaceutical company in China——China Resources Pharmaceutical Group Limited (“CR Pharma” or the “Company”; Stock-code:3320), today announces the details of its global offering (the “Global Offering”) and the proposed listing of its Shares on the Main Board of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”). Hong Kong Public Offering will start from Oct 17, 2016, and trading of the Shares on the Main Board of the Hong Kong Stock Exchange is expected to commence on Oct 28, 2016.
The Global Offering comprises a total of 1,543,141,500 Shares (subject to the Over-allotment Option), among which 1,465,983,500 Shares (subject to adjustment and the Over-allotment Option) will initially be offered in the International Offering (the “International Offering”), and the remaining 77,158,000 Shares (subject to adjustment) will initially be offered in the Hong Kong Public Offering (the “Hong Kong Public Offering”). The indicative Offer Price range is from HK$8.45 to HK$10.15. per share.
The Hong Kong Public Offering will commence at 9:00 a.m. on Oct 17, 2016 (Monday) and is expected to close at 12:00 noon (latest time to complete electronic applications under HK eIPO White Form service is 11:30 a.m.) on Oct 20, 2016 (Thursday). Trading of the Shares on the Main Board of the Hong Kong Stock Exchange is expected to commence on Oct 28, 2016 (Friday). The stock code of the Shares is 3320. The shares will be traded on the Main Board of the Hong Kong Stock Exchange in board lots of 500 Shares each.
In connection with the Global Offering, the Company is expected to grant the Over-allotment Option to the International Underwriters, exercisable by the Joint Global Coordinators on behalf of the International Underwriters at any time from the date of the International Underwriting Agreement until 30 days after the last date for the lodging of applications under the Hong Kong Public Offering, to require the Company to issue and
allot up to an aggregate of 231,471,000 additional Offer Shares representing approximately 15% of the initial Offer Shares, at the same price per Offer Share under the International Offering to cover, among other things, over allocations (if any) in the International Offering.
Assuming an Offer Price of HK$9.30 per share, the mid-point of the proposed Offer Price range of HK$8.45 to HK$10.15 per share, and assuming the Over-allotment Option is not exercised, the net proceeds from the Global Offering are estimated to be approximately HK$13,974.1 million. The Company intends to use the net proceeds from the Global Offering for the following purposes:
·Approximately 45% of the net proceeds, or approximately HK$6,288.4 million, is expected to be used for making strategic acquisitions in China to expand its pharmaceutical manufacturing and pharmaceutical distribution businesses;
·Approximately 15% of the net proceeds, or approximately HK$2,096.1 million, is expected to be used for establishing more advanced logistics centers and warehouses in China for its pharmaceutical distribution business;
·Approximately 10% of the net proceeds, or approximately HK$1,397.4 million, is expected to be used for investment in its research and development platform to enhance its research and innovation capabilities and promote cooperation with research partners to jointly develop new products and optimize its product portfolio;
·Approximately 10% of the net proceeds, or approximately HK$1,397.4 million, is expected to be used for improving and upgrading its information technology systems to strengthen its internal control management and operational efficiency, particularly for its “Hospital Logistics Intelligence” and “Network Hospital Logistics Intelligence” solutions;
·Approximately 10% of the net proceeds, or approximately HK$1,397.4 million, is expected to be used for repaying a portion of its outstanding bonds; and
·Approximately 10% of the net proceeds, or approximately HK$1,397.4 million, is expected to be used for working capital and general corporate purposes.
The Joint Sponsors of the global offering are Bank of America Merrill Lynch, CCB International Capital Limited, China International Capital Corporation Hong Kong Securities Limited, and Goldman Sachs (Asia) L.L.C. The Joint Global Coordinators are China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C., Bank of America Merrill Lynch CCB, International Capital Limited, and Morgan Stanley Asia Limited. The Joint Bookrunners are China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C., Bank of America Merrill Lynch, CCB International Capital Limited, Morgan Stanley Asia Limited (in the context of Hong Kong Public Offering), Morgan Stanley & Co. International plc (in the context of International Offering), ABCI Capital Limited, BOCI Asia Limited, CMB International Capital Limited, China Merchants Securities (HK) Co., Limited, China Securities (International) Corporate Finance Company Limited, The Hongkong and Shanghai Banking Corporation Limited, ICBC International Capital Limited, J.P. Morgan Securities (Asia Pacific) Limited (in the context of Hong Kong public Offer), J.P. Morgan Securities plc (in the context of International Offering), Mizuho Securities Asia Limited. The Joint Lead Managers are China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C., Bank of America Merrill Lynch, CCB International Capital Limited, Morgan Stanley Asia Limited (in the context of Hong Kong Public Offering), Morgan Stanley & Co. International plc, ABCI Securities Company Limited, BOCI Asia Limited, CMB International Capital Limited, China Merchants Securities (HK) Co., Limited, China Securities (International) Corporate Finance Company Limited, The Hongkong and Shanghai Banking Corporation Limited, ICBC International Securities Limited, J.P. Morgan Securities (Asia Pacific) Limited (in the context of Hong Kong public Offer), J.P. Morgan Securities plc (in the context of International Offering), Mizuho Securities Asia Limited.
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