PRC infant formula maker launches IPO

    January 05, 2011 | BY

    Candice Mak

    Biostime International Holdings (Biostime), a Guangzhou-based infant formula manufacturer, has raised HK$1.64 billion (US212 million) from its initial…

    Biostime International Holdings (Biostime), a Guangzhou-based infant formula manufacturer, has raised HK$1.64 billion (US212 million) from its initial public offering (IPO) on the Hong Kong Stock Exchange. It also offered a Rule 144A/Regulation S placement to global investors. HSBC Holdings was the underwriter.

    The issuer produces pediatric nutrition, baby-care and probiotic supplement products in China. It sources its main ingredients for probiotic supplements from France and distributes infant formulas and dried baby products imported from France and the US under licence.

    Biostime was advised by Hong Kong- and Paris-based Orrick Herrington & Sutcliffe teams. Its PRC counsel was Jingtian & Gongcheng. Acting for the underwriters on US and Hong Kong law aspects was Norton Rose, and on PRC law aspects, King & Wood. Conyers Dill & Pearman served as Cayman Islands counsel.

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