Jan. 10, 2007 (China Knowledge) – Wuyi Pharmaceutical Holdings, a Fujian-based drug maker, is planning to raise up to US$100 million by launching its shares on the Hong Kong Stock Exchange.

Capital raised from the IPO will be used to expand its distribution channels across the Mainland as well as to develop its product research and development.

With UBS as its deal arranger, Wuyi launched its pre-marketing on Monday and a small group briefing for local investors will be held today. IPO subscription for institutional investors will begin in the middle of next week and subscription for retail investors will begin during the third week of January.

The company’s trading debut is scheduled for sometime in the first week of February.

Wuyi, a seller and manufacturer of Western and traditional Chinese medicine, saw its last year earnings increase by 53% to RMB 180 million from RMB 117 million due to tax exemptions and a higher profit margin.