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FINANCIAL SERVICES | Staff Reporter, Hong Kong

Chinese medical firm Wuxi AppTec files for Hong Kong IPO after Shanghai float

It raised $2.58b in its listing earlier this year.

Bloomberg reports that Chinese contract medical researcher WuXi AppTec Co., is said to have submitted an application for a Hong Kong share sale that could raise more than US$1b, mere months after its Shanghai flotation. 

WuXi AppTec was previously traded on the New York Stock Exchange but was taken private in 2015 in a US$3.3b deal by founder Ge Li and a consortium of investors.

The company raised $2.58b (CNY2.25b) in an earlier Shanghai float last May amidst a warm investor response that pushed the stock to soar more than six-fold in the first three weeks after its debut, reports Caixin.

First-time share sales in the city have raised US$29b so far in 2018 which represents up to 76% more than the full-year record from 2017, the data show.

Here’s more from Bloomberg:

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