By Clarence Leong

Wuxi Biologics (Cayman) Inc. shares fell as much as 6.7% in Hong Kong trade after its latest share-placement plan.

The Chinese pharmaceutical company said Tuesday that a substantial shareholder has entered into a block trade agreement to place 108 million existing shares at HK$107.00 each, a 6.8% discount to the stock's closing price Monday. The placement, expected to raise 11.56 billion Hong Kong dollars (US$1.49 billion), represents about 2.56% of Wuxi's total issued share capital.

This follows Wuxi's placement of new shares in February to raise about HK$13 billion, which it said would be used for mergers and acquisitions in drug manufacturing, as well as to expand manufacturing for technology platforms.

By midday break, its shares traded 5.9% lower at HK$108.00.

Write to Clarence Leong at clarence.leong@wsj.com

(END) Dow Jones Newswires

04-27-21 0110ET