Sumary of China’s Simcere Pharmaceutical Advances At Home After Exit From NYSE:
- Simcere Pharmeutical’s headquarters in the eastern Chinese city of Nanjing.
- Simcere Pharmaceutical Group Simcere Pharmaceutical Group was relatively early among Chinese companies to go public in the United States — it started trading on the New York Stock Exchange in 2007 with a market capitalization of nearly $1 billion after raising $226 million in an IPO.
- “I still remember that as a lot of money,” Chairman Ren Jinsheng smiled in an interview at the company’s headquarters in the eastern China city of Nanjing.
- ” Simcere successfully listed in Hong Kong last year, raising HK$3.57 billion ($460.6 million) in Hong Kong from the sale of 261 million shares at HK$13.70 apiece on Oct.
- It’s also benefitted Shanghai-headquartered Fosun International, which invested in Simcere when it was listed in New York and didn’t sell when it delisted.
- Yet newer investors — including funds associated with Hillhouse Capital and OrbiMed — are still waiting for a payback from the relisting: Simcere’s shares closed at HK$7.90 on Thursday, well below their Hong Kong listing price.
- Simcere Pharmaceutical Group Chairman Ren Jinsheng Simcere MORE FOR YOU Ren, 59, has a long view and sees a lot of progress at Simcere.
- Once focused on generic drugs, Simcere is making more innovative drugs of its own.