Fudan Zhangjiang Applies for Listing in China; Chinese Healthcare Stocks Rally
On March 11, Shanghai Fudan Zhangjiang Bio-Pharmaceutical, or FD-ZJ, announced plans to issue A shares on the Sci-Tech Innovation Board at the Shanghai Stock Exchange. This announcement caused FD-ZJ’s share price to rally 26% and galvanized the entire Chinese healthcare sector. Narrow-moat Shanghai Pharmaceuticals Holding owns 23% of FD-ZJ; SPH’s A shares rallied 10%, although its H shares experienced a modest increase of 4%. While we believe SPH’s H shares are undervalued, this listing announce...
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