HK-listed 3SBio hits 8-month high on unit's Shanghai IPO progress

3SBio

10/07/2020 06:31

** China's pharmaceutical products maker 3SBio Inc  1530.HK 
rises as much as 17.7% to HK$14.50, their highest since Nov 6,
2019
    ** Stock later trimmed gains to HK$12.84, but was still up
4.2%
    ** Co says China Securities Regulatory Commission has
approved listing of spinoff unit, Sunshine Guojian, on
Shanghai's STAR Market  urn:newsml:reuters.com:*:nFWN2EG02C
    ** IPO to be launched on July 13, with dealing in shares to
begin on July 22  
    ** Biopharmaceuticals products developer Sunshine Guojian
offers A shares at 28.18 yuan apiece in the Shanghai IPO, to
raise 1.74 bln yuan ($248.5 mln) to fund business activities and
for general working capital 
    ** By last close, shares of Hong Kong-listed 3SBio had
surged 22% this year
    ** Liaoning-based 3SBio has outperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 12.0 percentage
points in the last month
    ** The Hang Seng China enterprises index  .HSCE  drops 2.3%,
while the benchmark index  .HSI  falls 1.8%

($1 = 7.0034 Chinese yuan renminbi)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)