Biosensors: chairman and founder Lu Yoh-Chie sells entire 18% stake at $0.88/sh, to Hony Capital’s SPV, Autumn Eagle. Sale price is some 15% below the current market price, and raises questions why Lu did not hold out for a better price…
Nevertheless, Nomura believes Hony’s established track record of investing in promising companies in China, such as China Glass Hldgs, is still an overall positive for the company. Maintains Buy call with $1.20 target...
Hony is a Chinese middle-mkt private equity firm with ~US$3bn AUM. Hony is not new to investing in the pharma industry, having helped to IPO Sincere Pharma on the NYSE, and owns stakes in CSPC Pharma, a subsidiary under China Pharma (1093 HK).
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