China's Jiangsu Hengrui to raise US$1.27 billion in Hong Kong listing, sources say

Chinese drug developer and producer Jiangsu Hengrui Pharmaceuticals will price its shares at HK$44.05 each, the top of its price range, to raise US$1.27 billion (HK$9.9 billion) in its Hong Kong listing, according to two sources with direct knowledge of the matter.

The sources could not be named because they were discussing confidential information.

Hengrui did not immediately respond to a request for comment from Reuters.

The Shanghai-listed company sold 224.5 million shares in the deal, which had a price range of HK$41.45 to HK$44.05 each, according to regulatory filings.

Seven cornerstone investors subscribed for about US$533 million worth of Hengrui stock, led by Singapore's sovereign wealth fund GIC, which is taking about US$268 million worth of the deal, the filings showed.

Hengrui's shares are due to start trading on the Hong Kong Stock Exchange on Friday, the filings showed.

The Hengrui deal follows the Hong Kong listing of Chinese battery giant CATL whose shares debuted on Tuesday. CATL raised US$5.3 billion, the largest listing globally in 2025.

REUTERS