Jiangsu Hansoh Pharmaceutical Co. Ltd. filed to list its shares on the Hong Kong Stock Exchange.
Hansoh, which was found by Chinese billionaire Zhong Huijuan in 1995, reported post-tax profits of 1.60 billion Chinese yuan and revenues of 6.19 billion yuan for 2017 — in contrast with other pre-revenue healthcare companies applying for IPOs under Hong Kong's new listing regime.
The Lianyungang, China-based drugmaker's core product, Oulanning, is the first-to-market generic of olanzapine tablets in China for treating schizophrenia and bipolar affective disorder. The company's drug accounts for 68.4% of the country's olanzapine market share as of 2017.
Morgan Stanley Asia Ltd. and Citigroup Global Markets Asia Ltd. are joint sponsors of the IPO.
As of Sept. 10, US$1 was equivalent to 6.86 Chinese yuan.