(Yicai Global) July 6 -- Wuxi AppTec Co., a drug research and development company, plans a backdoor A-share listing of its core business worth more than CNY100 billion (USD15 billion), and will spin off its biologics business for a separate listing in Hong Kong.
CEO Ge Li delisted the Shanghai-based company from the US last December in a management-led buyout for USD3.3 billion. After listing, AppTec's valuation is expected to exceed that of Jingsu Hengrui Medicine Co. [SHA:600276], the highest value A-share firm at nearly CNY100 billion.
AppTec has engaged Bank of America and Morgan Stanley to make arrangements for the listing of its USD1.5 billion biologics business, which is expected to complete in the second half of the year. Both listings are already in progress and will be completed "very soon," said a source close to the matter.