National Biotec plans Hong Kong IPO

Intends to raise US$1.5 billion.

Sources said China National Biotec Group intends to file an application at Hong Kong’s stock exchange by the end of March and start the offering in the second quarter. National Biotec is China’s largest biotechnology company and the fourth-biggest vaccine maker in the world.

China International Capital Corporation, Morgan Stanley and UBS AG will manage the offering, according to sources familiar with the deal.

National Biotec is a subsidiary of China National Pharmaceutical Group Corporation or Sinopharm, China’s biggest pharmaceutical distributor by market value. It has assets worth some US$1.4 and annual sales of some US$803 million. It employs some 10,000 persons.