10/04/2006
Hong Kong's giant Hutchison Whampoa group is floating its China Meditech subsidiary with a £40 million placing on AIM.
China Meditech (Chi-Med) is holding company for a group based primarily in China, which develops and distributes drugs, health supplements and other consumer health and health care products, for skin and bodycare and other uses, derived from traditional Chinese medicines. Investment bank Lazard is nominated adviser and Panmure Gordon broker to Chi-Med, which the float will value at between £130 and £150 million.
Hutchison, the international shipping, industrial and commercial conglomerate founded by legendary tycoon Li Ka Shing, which owns the 3 mobile phone network, is supplying Chi-Med's executive chairman, Simon To, and chief executive Christian Hogg, formerly with Procter & Gamble. Chi-Med, already listed in Hong Kong, achieved £18 billiin turnover last year.
Of the £40 million being raised, the company intends to spend £20 million on drug research and development capability, £3 million on consumer products and the rest on 'corporate purposes'.
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