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China’s Simcere Plans Hong Kong IPO

Simcere Pharmaceutical Group, based in Jiangsu province, China, is preparing to raise as much as USD1 billion in a Hong Kong IPO in the third quarter, according to The Wall Street Journal. The firm did not release any official statement regarding the possible plan.

Simcere was delisted from the New York Stock Exchange in 2013. The firm’s Founder and Chairman Jinsheng Ren expressed his vision to return to capital markets by listing Simcere in Hong Kong, in an interview in 2014. “China’s domestic markets tend to offer higher valuations than Hong Kong, but regulators also assert greater control over IPOs onshore,” he stated. A tumultuous start to trading in Shanghai and Shenzhen this year could make Hong Kong more attractive to a number of Chinese companies, stated WSJ.

Founded in March 1995, Simcere evolved from being a pure distributor of pharmaceutical products to a leading manufacturer and supplier of drugs in China’s rapidly growing pharmaceutical market. The firm currently operates five GMP-certified manufacturing facilities, two nationwide sales and marketing subsidiaries, a research and development centre and manages over 4,000 employees.

In 2010, Simcere Pharmaceutical’s subsidiary Jiangsu Ealong Biotech was accused by Chinese drug authorities of selling adulterated rabies vaccines. However, the vaccine was sold in 2008, a year before Simcere took over the company. Ealong Biotech ‘s production was ceased, causing a loss of RMB972 million for Simcere.

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