Luye files for Hong Kong IPO

Luye Pharma Group Ltd. (Shanghai, China) filed for an IPO in Hong Kong and said it plans to sell 667.5 million shares at HK$5.38-HK$5.92. At the HK$5.65 midpoint, the company would raise HK$3.8 billion ($486.5 million) and be valued at HK$18.8 billion ($2.4 billion). UBS; Citigroup; and Citic Securities are underwriters. Luye shareholders plan to sell 332.1 million shares in a concurrent secondary offering. The offering is slated to price on July 2, with the shares slated to start trading on July 9. ...