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Business· Fintech

Asia’s largest pharmaceutical R&D platform WuXi AppTec to file for Hong Kong IPO

CKN
minutes 2018/09/19 04:28:02
3,988
China's Financial News, China News,  Wuxi App Tec, Hong Kong IPO

Sep 19, 2018 (China Knowledge) - Leading global pharmaceutical research and development platform, WuXi AppTec Co., Ltd. has filed for a Hong Kong initial public offering (IPO) yesterday, just four months after its listing on Shanghai Stock Exchange.

According to market reports, the company is currently the largest pharmaceutical R&D services platform in Asia, in terms of total revenue last year. WuXi AppTec platform provides pharmaceutical, biotechnology, and medical companies with a broad range of laboratory and manufacturing services throughout the drug and medical R&D and manufacturing processes.

In a year’s period the company has provided services to 3,380 customers. It has recorded a revenue of RMB 4.4 billion for the first 6 month, till 30 June, an increase of 20% as compared to the same period previous year.

Prior to the reorganization of the company, Wuxi PharmaTech <WX:NYSE> was listed on NYSE in 2007. The company underwent a go-private deal, acquired by a group of private equity investors and company management such as Hillhouse Capital and Singapore’s Temasek Holdings Pte Ltd.

It was successfully listed again on Shanghai Stock Exchange earlier in May this year, and managed to raise USD 902.6 million from the IPO, with shares sold at RMB 21.60 apiece.

WuXi AppTec hopes to use the proceed from the HK IPO to enhance capacity and capabilities of its business units globally. It plans to expand the current ecosystem through investing and incubating companies with innovative business models of growth potential in healthcare sector.

Morgan Stanley, Huatai Financial and Goldman Sachs are joint sponsors in WuXi AppTec’s IPO in Hong Kong. 

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