The newest in a number of China-based pharmaceutical corporations said Sunday that it planned to sell new percentages amid a sharp rise in its percentage price.
China Grand Pharmaceutical and Healthcare Holdings plans to sell 172 million shares to HK$5.90 each, raising $130 million to fund investments in studios and technology. China Grand shares rose 8% on Friday on the Hong Kong Stock Exchange to close at a record $7.34. They won 80% last year.
China Grand is controlled by billionaire Hu Kaijun, who now has a fortune of $2.3 billion on Forbes’ list of billionaires. His fortune comes from holdings in Huadong Medicine, a supplier of Chinese medicines and genuine heritage.
China is one of the world’s largest suppliers of pharmaceuticals, medical devices and medical devices. COVID-19 has focused on investing in domestic suppliers as pandemic increases demand its products and services.
Among other fundraising announcements during the following week, WuXi AppTec, the pharmaceutical studies and progression facility company controlled through billionaire Ge Li, said it would seek to raise more than $950 million in a percentage sale, in a component to finance the expansion, and Hangzhou Tigermed Consulting, a gigantic contract study organization run by billionaire Ye XiaopingArray has introduced a secondary directory in Hong Kong that aims to raise up to $1.4 million. WuXi AppTec percentages increased by almost 150% in Shanghai last year; The Tigermed more than doubled on the Shenzhen China Stock Exchange.
OncoSec Medical, a San Diego, California-based company that develops complex cancer immunotherapies, announced earlier this year that China Grand and its U.S. subsidiary Sirtex had bought $30 million of its shares, and that China Grand would work to sell OncoSec remedies in China.
China has so far hosted the largest number of billionaires in the world after the United States.
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@rflannerychina
I’m editor-in-chief and director of Forbes magazine’s Shanghai office. Now, in my year at Forbes, I’m compiling Forbes’ China Rich List. I used to be a
I’m editor-in-chief and director of Forbes magazine’s Shanghai office. Now, in my twentieth year at Forbes, I’m compiling Forbes’ China Rich List. In the past I was a correspondent for Bloomberg News in Taipei and Shanghai and the Asian Wall Street Journal in Taipei. I am originally from Massachusetts, speak Mandarin fluently and graduated from the University of Vermont and the University of Wisconsin at Madison.