Nov. 8 (Bloomberg) -- China National Biotec Group, a unit of Sinopharm Group Co., plans to seek as much as $2 billion in an initial public offering in Hong Kong, two people with knowledge of the matter said.
The company has hired China International Capital Corp., Morgan Stanley and UBS AG to manage the IPO and aims to start trading in the first half of next year, said the people, who declined to be identified because the information is private.
National Biotec, based in Beijing, is the largest biotechnology company in China and the fourth-biggest vaccine maker in the world, according to the company’s website. It has about 8.6 billion yuan ($1.4 billion) of assets and annual sales of more than 5 billion yuan, the website shows.
Two calls made to the general line at Sinopharm’s Beijing offices and two calls made to the general line at Sinopharm’s Shanghai offices went unanswered. Reuters reported the IPO plan earlier today, citing unidentified people.
--With assistance from Natasha Khan in Hong Kong. Editors: Philip Lagerkranser, Nathaniel Espino
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