BlackRock and GIC Invest in 3SBio
Shenyang-based 3SBio Inc. and a unit of Citic Private Equity Funds Management Co. are offering 606.1 million shares at HK$ 8.30 to HK$ 9.10 per share. Newly issued shares will account for 80% of the offering. Both parties are seeking as much as US$ 712 million from a Hong Kong initial public offering (IPO). Investors are attracted to China’s blossoming pharmaceutical industry. In June 2009, China’s State Council issued a finding, Policies to Accelerate the Development of Bioindustry, highlighting the industry as a strategic emerging industry and reducing the business income tax for high-tech biopharmaceutical companies.
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