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CSPC Pharmaceutical Group Ltd. said it entered a placing agreement to issue 189 million shares of the company at HK$12.44 apiece.
The Hong Kong-listed drugmaker expects gross proceeds of about HK$2.35 billion from the placing, which will be used for general working capital purposes.
The placing shares would represent about 3.03% of the company after issue.
HSBC Ltd. is acting as the placing agent of the issue.