China drugmaker in US$764m IPO

[HONG KONG] Luye Pharma Group, a Chinese drugmaker backed by Singapore's sovereign wealth fund, and the company's owners are poised to raise US$764 million from a Hong Kong initial public offering, people with knowledge of the matter said.

The company, based in eastern China's Yantai city, plans to sell shares at HK$5.92 apiece, the top end of a marketed range that started at HK$5.38, said the people, who asked not to be identified because the information is private. Luye Pharma and existing investors including GIC Pte Ltd offered 999.6 million shares in the sale…