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Tongrentang Listed in Hong Kong
Beijing Tongrentang Technology Development Co. Ltd., announced Monday in a news briefing that it has smoothly completed issuance of 72.8m New H shares to institution investors at home and abroad and is formerly to get listed in HK GEM (Growth Enterprise Market) Tuesday. This indicates Tongrentang, a 331-year-old big store of traditional Chinese medicine, has quickened its pace toward modernization and globalization process.
At a price of 3.28 HK dollars per share, Tongrentang has raised a fund of as much as 214m HK dollars, which will be used in setting up production bases, R&D centers, making new medicines, building sale networks and developing e-business. Its market value, once listed, will reach 239m HK dollars.
Tongrentang, as a cradle of modern preparations, enjoys not only the biggest fame in medicine production but has also been most widely recognized for its highly efficacious stable quality products as the first authoritative "famous brand" in China and abroad.
Rectified by Beijing Municipal Government last March, Beijing Tongrentang Co. Ltd, with it's A share listed in Shanghai, has been formed as a major sponsor of "Tongrentang Technology" in a bid to push Chinese preparations onto the world market. This time's share issuing was supported by a company of Li Ka-Shing, a renowned HK businessman, which will also set up a corporation with Tongrentang to lift the latter's international popularity.
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