CR Pharma IPO - Valuation Is Rich at the Top End

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

China Resources Pharmaceutical / Equity Capital Markets

<p>China Resources Pharmaceutical is one of China’s leading integrated pharmaceuticals companies that manufactures, distributes, and retails prescription and OTC products. The company has filed an Application Proof with the HKEX. The financial press reports that the company intends to raise US$1 billion in an IPO this year, possibly as soon as this quarter.</p><p>This initial post will provide an overview and details of the manufacturing segment. The next post will discuss the balance of the business (distribution, retail, and R&amp;D pipeline). We will follow up with additional posts when the PHIP and other information are available.</p>

China Resources Pharmaceutical is one of China’s leading integrated pharmaceuticals companies that manufactures, distributes, and retails prescription and OTC products. The company has filed an Application Proof with the HKEX. The financial press reports that the company intends to raise US$1 billion in an IPO this year, possibly as soon as this quarter.This initial post will provide an overview and details of the manufacturing segment. The next post will discuss the balance of the business (distribution, retail, and R&amp;D pipeline). We will follow up with additional posts when the PHIP and other information are available.

Shanghai Pharmaceuticals Holding (2607 HK)

China Resources Sanjiu Medical & Pharma (000999 CH)

Shanghai Fosun Pharmaceutical (Group) (2196 HK)

China Resources Dubl Crne Phrmctl (600062 CH)

China Resources Pharmaceutical

CR Pharma Listing: Part 1