17 Feb 2016 08:50
Cathay International Holdings Limited
("Cathay", the "Company" or the "Group")
Lansen's associated company, Starry, obtained listing approval
on the Shanghai Stock Exchange
Hong Kong, 17 February 2016 - Cathay International Holdings Limited (LSE: CTI.L), a leading operator and investor in the growing healthcare sector in the People's Republic of China (the "PRC), today announces that its subsidiary Lansen Pharmaceutical Holdings Ltd ("Lansen") (HKEX: 503), in which the Company has a 50.56% holding, has made a voluntary announcement in Hong Kong today.
The board of directors of Lansen has informed shareholders of Lansen and potential investors that, Zhejiang Starry Pharmaceutical Co., Ltd. ("Starry"), an associated company of Lansen, has obtained the approval from China Securities Regulatory Commission for the initial public offering of its shares and listing on the Shanghai Stock Exchange (the "Proposed Offering"). The listing of Starry is expected to take place in early March 2016. Lansen currently indirectly holds approximately 21.5% of the total issued shares in the capital of Starry. Assuming Starry will issue the maximum number of new shares it is allowed to offer under the listing approval and upon completion of the Proposed Offering, Lansen is expected to indirectly hold approximately 16.1% of the total issued shares in the capital of Starry on a fully diluted basis.
-ENDS-
For further enquiries, please contact:
Cathay International Holdings Limited
Eric Siu (Finance Director)
Patrick Sung (Director and Controller)
Tel: +852 2828 9289
N+1 Singer
+44 (0) 20 7496 3000
Aubrey Powell - Corporate Finance
Brough Ransom - Sales
Consilium Strategic Communications
Mary-Jane Elliott/ Matthew Neal / Lindsey Neville
Tel: +44 (0) 20 3709 5702
About Cathay
Cathay International Holdings Limited (LSE: CTI.L) is a main market listed investment holding company and a leading operator and investor in the growing healthcare sector in the People's Republic of China ("PRC"). The Company and its subsidiaries (collectively the "Group") aim to leverage on growth opportunities in the strong and growing domestic demand for high quality healthcare products in the PRC and build its portfolio companies into market sector leaders with competitive edge. Cathay has already demonstrated a strong track record of identifying high-growth potential investment opportunities in this area including: Lansen Group, a leading specialty pharmaceutical company focused on rheumatology and dermatology in the PRC; Haizi, a company engaged in the manufacture, marketing and sale of inositol and its by-product, di-calcium phosphate; Yangling, a company engaged in production and sales of plant extracts for use as key active ingredients in healthcare products; and Botai, a company engaged in collagen products.
The Group employs approximately 2,000 people across the PRC, including over 30 specialist corporate and business development staff based at the holding company's offices in Hong Kong and Shenzhen. Cathay also has a hotel investment. For more information please visit the Company's website: www.cathay-intl.com.hk
About Lansen
Lansen, whose shares are listed on the mainboard of the Hong Kong Stock Exchange, is a 50.56% owned subsidiary of Cathay. Lansen is engaged in the manufacture, distribution and development of specialty prescription drugs for treatment of autoimmune disorder in rheumatology and dermatology. Lansen is in the leading market position in disease modifying anti-rheumatic drugs ("DMARDs") for treatment of rheumatoid arthritis ("RA") in the PRC. Lansen has established an extensive distribution network, covering more than 1,000 hospitals in four municipalities, 25 provinces and cities in the PRC. For more information please visit the Lansen's website: http://www.lansen.com.cn/En/index.asp
About Starry
Starry is a sino-foreign equity joint venture limited company established under the laws of the PRC, specializing in the production of bulk pharmaceuticals and intermediates. The two core bulk pharmaceutical products of Starry are iohexol for X-CT non-ionic contrast agents and levofloxacin for antibiotics. Starry is the largest iohexol manufacturer in the PRC and is experienced in the production management and quality control of bulk pharmaceuticals.