Morgan Stanley’s fourth Asia private equity fund is mainly targeting deals in China. It has a South Korean and an Indian transaction already in the bag.
The Chinese manufacturer of cardio-cerebral vascular drugs raises $741 million by pricing its shares at 26.7 times next year's earnings, making it the most expensive new stock to list in Hong Kong this year.
The management buyout, which has been accepted by shareholders owning 96% of the company, values Sihuan Pharmaceutical at $318 million – although only $74.4 million of new capital is needed.
Morgan Stanley hires ICICI Venture director Alluri Srinivasa Rao to run private equity investing in India, while ICICI Venture lures KS Jangbahadur back from JPMorgan in the US.
Morgan Stanley Private Equity Asia makes first investment in Taiwan spending around NT$2.05 billion ($64 million) to acquire 19.9% stake in the country's leading engineering, procurement and construction company.