SHANGHAI PHARMACEUTICAL PLANS IPO NEXT YEAR

Shanghai Pharmaceutical (Group) Co Ltd (SPGC) is planning to launch an Initial Public Offering (IPO) in a bid to raise 2-2.5 bln yuan, followed by a Hong Kong listing next year, the National Business Daily reported. "SPGC is preparing for the listing now and we already have five overseas investors who are interested in the company," Xu Guoxiong, the company's vice president, was quoted as saying. No further details were provided in the brief NBD report. Earlier state media reports said that the company was planning to attract a total investment of three bln yuan from overseas institutional investors to back its Hong Kong listing.

Forbes (http://www.forbes.com/business/feeds/afx/2005/07/01/afx2120130.html)