Loeb & Loeb LLP acted as the legal counsel to Hong Kong-listed pharmaceutical company China Grand Pharmaceutical and Healthcare Holdings Limited (“CGP”) (stock code:00512.HK) on its placing of 172,000,000 new shares under a general mandate to professional, institutional or other investors. The net proceeds amounting to approximately HK$1 billion raised from the placing will be used to develop CGP’s research and development projects, expansion of its research team and investment in technology. China International Capital Corporation Hong Kong Securities Limited acted as the placing agent.
CGP is an investment holding company principally engaged in the research and development, manufacture and sales of pharmaceuticals. CGP’s products include preparations, raw materials, medical devices, healthcare products, as well as agricultural and fine chemicals. Its products mainly focus on ophthalmic, cardiovascular and antibacterial, among other things.