China Resource Plans US$1 Billion Hong Kong IPO

February 15, 2016

NewsStandOnline.Net (15-February-2016): China Resources Pharmaceutical Group, China’s second-largest pharma and a subsidiary of state-owned China Resources (Holdings), is planning an IPO in Hong Kong that will raise at least $1 billion, according to media reports.

At least two of CR Pharma’s subsidiaries are already listed on China’s exchanges. The offering is still in the early stages of planning, as the company has asked investment bankers to submit proposals by tomorrow, so details of the transaction are not yet available.

Hutchison China MediTech (Chi-Med) filed a third iteration of a prospectus for its $100 million IPO in the US, which still doesn’t include final pricing. Strictly speaking, the offering is an IPO of new ADS shares.

These will be some multiple – not yet disclosed – of the company’s London-traded ordinary shares that are currently worth about $30.23 each.

China Resource Plans $1 Billion Hong Kong IPO

The new prospectus includes 9-month financial data for 2015, showing that Chi-Med was on track for a very good year. The price of the company’s London shares more than quadrupled in the two years of 2014-2015 and nearly doubled last year. 2016 hasn’t been so generous, with the company’s stock price sliding 25% in just six weeks.

Pharmaron, a Beijing CRO/CMO, acquired Quotient Bioresearch of the UK. Quotient focuses on integrating radiochemistry and metabolism, an expertise derived from its purchase of GE Amersham’s radiosynthesis business in 2009. Pharmaron said the transaction, besides adding the radiochemistry technology, would broaden its footprint, increasing market access in Asia, Europe and the US. The price was not disclosed.

Xizang Haisco Pharma (SHZ: 002653) led a $15 million Series D funding for Regentis Biomaterials, an Israeli medical device company. As part of its investment, Haisco will own China rights to Regentis’ lead product, GelrinC®, a proprietary hydrogel. Implanted as a liquid, GelrinC is cured in-situ via ultraviolet light to form a resorbable implant. Over time, the gel is gradually replaced by newly regenerated cartilage. Regentis plans to use the new capital to conduct US clinical trials of GenrinC.

Rurik Jutting Could Plead Not Guilty To Double Murder

October 14, 2015

NewsStandOnline.Net (14-October-2015): Former British banker Rurik Jutting has indicated he may plead not guilty to a gruesome double murder when he appears before Hong Kong’s High Court.

Jutting, 30, is facing charges of murdering two Indonesian women last year.

The crime shocked the city in November when police found the nearly decapitated body of one of two women in a suitcase and the second woman bleeding to death Jutting’s apartment floor.

Rurik Jutting Could Plead Not Guilty To Double Murder

In his last court appearance in May, the former Bank of America-Merrill Lynch employee did not officially enter a plea, but when pressed also did not object to a not guilty notation taken down by the magistrate to transfer the case to the High Court.

After undergoing two weeks of psychiatric evaluation last year, the court decided he was fit to stand trial. He has been in police custody since the initial arrest.

On November 1, Jutting called the police to his upscale apartment near Hong Kong island’s Wanchai area, a red light district known for its nightlife.

A grisly scene greeted the police. In the living room, a naked woman, Indonesian Seneng Mujiasih lay bleeding from knife wounds and later died from her injuries.

They also found another body, that of Indonesian Sumarti Ningsih, stuffed into a suitcase on the balcony.  Both entered the city has domestic helpers but police are investigating if they were working in the sex trade.

The prosecution will be introducing some 200 pieces of evidence in their case against Jutting.  He moved to Hong Kong from London in July 2013 and it was understood that he quit his high-paying job just days before the incident.

Hong Kong Graffiti Teen Protester Allowed To Stay With Family

January 19, 2015

NewsStandOnline.Net (19-January-2015): A Hong Kong court ruled earlier today that a 14-year-old girl who was arrested for drawing on a wall used to post pro-democracy messages, could remain in her family’s care.

Authorities had been seeking a “care and protection” order for the teenager, which could have seen her taken away from her deaf father, in a case which has sparked concern over the targeting of minors by the authorities.

The girl had been sent to a children’s home after being arrested in December for chalking a flower on the “Lennon Wall” – used by protesters to post notes of support for the pro-democracy movement during two months of rallies for fully free leadership elections. She was later allowed to return to her family on bail and under curfew.

Hong Kong Graffiti Teen Allowed To Stay With Family

“After considering the facts and based on suggestions made by social workers, there is no need to make such an order now,” magistrate Winnie Lau said Monday. Prominent pro-democracy veteran Martin Lee, who represented the girl, said the teenager, who was not available for comment after the hearing, “should be happy today.”

The case sparked outcry from pro-democracy campaigners, and the teen became known as “Chalk Girl” in local media. Police had also sought a care and protection order for another teenager, a 14-year-old boy who was arrested during the clearance of one of the protest camps in November.

However that case was dropped earlier this month and the secondary school student expressed anger at his treatment, calling it “extremely unethical” and “politically motivated”. “What the government is doing is below the belt because they are using all means to try to stop young people from carrying out political campaigns. But it will just make us more determined,” he told AFP after the decision.

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