Swiss drugmaker Novartis AG is considering a possible initial public offering (IPO) in China, joining a growing list of multinationals interested in selling yuan-denominated shares in Shanghai, two people with knowledge of the situation said.
Global firms including HSBC, Standard Charterd, Unilever and Coca-Cola Co have already expressed interest in listing on Shanghai’s planned international board, which is widely expected to be launched this year.
Novartis is studying the feasibility of a China IPO and has been consulting relevant government agencies, said the sources, who declined to be identified because the information is not public. Novartis spokesman Eric Althoff declined to comment.
Basel, Switzerland-based Novartis employs more than 5,000 people in China and has invested more than $700 million in the country, betting that rising income among its 1.3 billion people will boost health awareness and drug consumption.
Source: China Daily