Erkang Pharmaceutical’s IPO Application Approved by the CSRC
CSRC announced on July 5th night that Erkang Pharmaceutical’s application for IPO in ChiNext was approved by Public Offering Review Committee of the CSRC.
Hunan Erkang Pharmaceutical is a professional pharmaceutical excipient manufacturer in China having the largest scale and the amplest types. The prospectus shows that the company will issue 46,000,000 in the IPO, and the total shares after IPO are 184,000,000. Since its founding, the company has always been focusing on R&D, manufacture and sales of pharmaceutical products, and its main business consists of pharmaceutical excipients and new antibiotic products. The revenue in 2010 was 363 million yuan, with a net profit of 67,111,200 yuan.