Sinopharm sells $526 million of new H-shares

Hong Kong-listed Sinopharm Group, China’s biggest distributor of pharmaceutical products, has raised HK$4.08 billion $526 million from a private placement its second such deal in two years.

The deal was completed last Wednesday night after a couple of days spent gauging the demand among a targeted group of potential investors. The investors were told that the bookrunners planned to launch the deal last Thursday, but might go sooner if they felt the deal was coming together well.

According to a company statement issued Thursday morning, the price was fixed at HK$24.60 per share, which translated into an 8.9% discount to Wednesday’s closing price of HK...