DT Capital Parnters-backed Shaanxi Kanghui Pharmaceutical Co., Ltd., which engages in the research, development and marketing of a range of medicines, has completed a listing on the Shanghai Stock Exchange.
The company issued 24 million shares at RMB14.57 (US$2.12) apiece, raising a total of RMB363 million (US$52 million).
Founded in 2009, Kanghui has over 100 products covering a number of healthcare fields, including respiratory cold diseases, gynecology，orthopedics, skin diseases and diabetes. It owns 16 exclusive products and 19 patents, the company says. Its products are sold in more than 2,000 hospitals in China.
In 2016, the company recorded revenue of RMB381 million (US$55 million) and operating profit of RMB74 million (US$10 million).
In 2010, Trustbridge Partners, a private equity firm focused on telecom, media and technology, as well as consumer and healthcare, acquired a 25% stake of Kanghui for RMB50 million (US$7 million).
Later in 2014, DT capital also invested RMB50 million (US$7 million) in the company, acquiring 4.78% of outstanding shares.
According to the IPO prospectus, shareholders Trustbridge and DT capital will have their stakes in the company diluted to 16.69% and 3.59% respectively.
Kanghui plans to use the latest proceeds to develop its production base, as well as funding research and development projects.
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