Slaughter and May is advising CICC on the HK$1,014.8 million (approximately US$130 million) placing by China Grand Pharmaceutical and Healthcare Holdings
Slaughter and May, Hong Kong, is advising China International Capital Corporation Hong Kong Securities Limited, as placing agent, in relation to the placing of 172,000,000 new ordinary shares in China Grand Pharmaceutical and Healthcare Holdings Limited (“China Grand Pharmaceutical”) announced on 2 August 2020. It is expected that there will be not less than six placees. Beijing Pan Feng Investment Management Partnership (Limited Partnership) has expressed its interest to invest in China Grand Pharmaceutical through a derivative contract with one of the prospective placees, and another one of the prospective placees is an affiliate of Hillhouse Capital Advisors, Ltd.
The net proceeds of the placing will be used for domestic and overseas research and development pharmaceutical projects, expansion of research team and investment in technology.
The placing shares will be issued under the general mandate granted by the shareholders of China Grand Pharmaceutical. The placing shares represent approximately 4.85% of the enlarged issued share capital of China Grand Pharmaceutical.
China Grand Pharmaceutical is a global comprehensive pharmaceutical company engaged in the research and development, manufacture and sales of pharmaceutical preparations, high-end medical devices, specialised pharmaceutical raw materials, bio-technology products and nutrition products. It has been listed on the Main Board of the Stock Exchange of Hong Kong since 1995.