Aosaikang Pharmaceutical Postpones $669M IPO

Bloomberg reported that Jiangsu Aosaikang Pharmaceutical Co. postponed its 4.05 billion yuan ($669 million) initial public offering, which would have been the biggest on China’s market for startups, after pricing the deal 21 percent higher than the industry average.
As quoted by Bloomberg:

The Nanjing-based maker of cancer drugs delayed the offering on Shenzhen’s ChiNext board until an unspecified date because the sale would have been “relatively large,” it said in a statement to the exchange dated today. The sale valued Aosaikang at 67 times 2012 earnings compared with the average 55.3 times for ChiNext-listed drugmakers, the company said, citing Shenzhen Securities Information Co. data.

Read the full Bloomberg story