Sinopharm Raises $716 Million in Secondary Offering

Sinopharm Group, China's largest drug distribution company, raised $716 million through a secondary issue to a "handful" of institutional investors, who purchased 199 million new shares. The issue increases Sinopharm's outstanding shares by 7.74%. The company said the new capital will help Sinopharm expand its network (it did not specify whether the growth would come from internal growth or through M&A) and to replenish liquidity after its already completed growth initiatives. More details.... Stock Symbol: (HK: 1099) Share this with colleagues: // //