Aosaikang Pharmaceutical Postpones $669 Million Shenzhen IPO

Jiangsu Aosaikang Pharmaceutical Co. (300361) postponed its 4.05 billion yuan ($669 million) initial public offering, which would have been the biggest on China’s market for startups, after pricing the deal 21 percent higher than the industry average.

The Nanjing-based maker of cancer drugs delayed the offering on Shenzhen’s ChiNext board until an unspecified date because the sale would have been “relatively large,” it said in a statement to the exchange dated today. The sale valued Aosaikang at 67 times 2012 earnings compared with the average 55.3 times for ChiNext-listed drugmakers, the company said, citing Shenzhen Securities Information Co. data.

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