3SBio Proposes Spinoff, Hong Kong Listing of Unit Mandi

MT Newswires Live11-21

3SBio (HKG:1530) plans to spin off its consumer pharmaceuticals unit Mandi and seek a separate listing on the Hong Kong Stock Exchange, according to a Thursday bourse filing.

Shares of the biopharmaceutical firm were down nearly 8% in Friday morning trade.

The spinoff will be carried out through a distribution in specie of all Mandi shares held by 3SBio to its shareholders, together with a global offering of new Mandi shares.

After completion, 3SBio will cease to hold any interest in Mandi.

Mandi filed its listing application on Nov. 20, the filing said.

3SBio owns 87.16% of Mandi, which focuses on skin health and weight management products and is known for its Mandi-branded minoxidil hair-loss treatments.

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