Simcere Pharmaceutical to Spin Off, List Chinese Subsidiary; Shares Down 7%

MT Newswires Live

01/12

Simcere Pharmaceutical Group (HKG:2096) plans to spin off and list its Chinese subsidiary Simcere Zaiming in Hong Kong, according to a Hong Kong bourse filing Friday.

Shares of the drugmaker fell over 7% in late morning trade Monday.

The firm said Simcere Zaiming had filed to list its H shares in Hong Kong and details of a global offering were yet to be finalized.

The firm currently owns 83.10% of the business and said the move would lower its interest to over 50%.

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