By Ben Otto
Chengdu Quanyuantang Pharmacy Chain Joint Stock Co. is planning an initial public offering in Hong Kong, part of efforts to expand its pharmacy business in China.
The pharmacy operator, which counts Sino Biopharmaceutical Ltd. and a unit of options-trading giant Susquehanna International Group as shareholders, said it will also use proceeds to boost technological capacity and make acquisitions and investments.
It didn't specify a timeline for the offering nor say how much it intends to raise.
Chengdu Quanyuantang Pharmacy, founded in 2012, runs 369 pharmacies across 13 cities in China, in addition to 38 online stores on e-commerce platforms such as JD.com.
It posted revenue of 1.25 billion yuan (US$195.7 million) in 2020, up from CNY858.2 million in 2019 and CNY576.5 million in 2018, according to the filing. It attributed losses in each of those years to efforts to expand its pharmacy network.
Citigroup and Haitong International Capital are acting as joint sponsors for the offering.
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(END) Dow Jones Newswires