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Jiangsu Hansoh Pharmaceutical files for Hong Kong IPO

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.