China’s Giant Biogene reduces Hong Kong’s IPO size

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By Scott Murdoch

HONG KONG (Stocksak). China’s Giant Biogene Holding Co Ltd launched a Hong Kong initial public offering (IPO), on Tuesday to raise up to $80million. The term sheet revealed that the target was $500 million lower than it originally set amid a sharp sell-off in equity market shares.

Stocksak has seen the term sheet for the Xian-based company that specializes in medicinal skin care treatment. According to Stocksak, it is selling 22.6 millions shares at an indicative price range between HK$24.30 & HK$27.70 per stock.

According to the term sheet, Giant Biogene is expected to raise between $70 million-$80 million.

Two sources with direct knowledge of this matter claim that the company had previously planned to raise as much as $500 million from the Hong Kong market launch. The information is not publicly available so the sources cannot be identified.

Stocksak contacted Giant Biogene but did not receive a response immediately.

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