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CSPC Pharmaceutical enters placing agreement to raise about HK$2.35B

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.