CHINA'S Tianjin Traditional Chinese Medicine will adhere to its original plan of issuing shares on the Singapore stock exchange, unfazed by the sluggish trading in the only B-share listing on the exchange.
A company official said the pharmaceutical concern did not plan to opt for Hong Kong, at which many Chinese firms were lining up for an initial public offering.
He said H-shares, or Chinese firms listed in Hong Kong, performed badly last year.
He also cited the firm's sales of medicine in Southeast Asia as a reason for not listing in Hong Kong.
Although North China Pharmaceutical, based in Shijiazhuang, was seeking to float in Tokyo to capitalise on the popularity of Chinese medicine in Japan, the official said the Tianjin company preferred Singapore because of the company's relatively small size. He said it aimed to raise between 300 million yuan (about HK$279 million) and 400 million yuan from the float.
Concern has arisen that listings from Chinese companies in Singapore will end up like China Merchants Shekou Port, whose shares suffered from lacklustre trade.
