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WuXi AppTec gets IPO nod for Shanghai Stock Exchange

China Securities Regulatory Commission gave permission to Shanghai-based WuXi AppTec Inc. to list on the Shanghai Stock Exchange, South China Morning Post reported.

The regulatory approval took only seven weeks.

The contract research organization is looking to raise about 5.7 billion Chinese yuan through issuing 104.2 million shares, according to its IPO prospectus released in February. It plans to use the funds to expand its facilities and research capabilities.

Formerly known as WuXi PharmaTech Inc., the company was privatized in 2015 in a $3.3 billion merger deal with Wuxi Merger Ltd., a wholly-own subsidiary of New WuXi Life Science Ltd.

The former entity delisted from the New York Stock Exchange in December 2015.

As of March 27, US$1 was equivalent to 6.28 yuan.