Shanghai Pharmaceuticals Holding Co Ltd (601607.SS) aims to raise at least 8 billion yuan ($1.21 billion) in a Hong Kong listing before the end of June, and will submit a listing application in Hong Kong this month, the South China Morning Post reported on Thursday.

A number of major financial institutions have expressed interest in becoming cornerstone investors of the Chinese drugmaker, the newspaper reported, citing Chairman Lu Mingfang.

Half of the proceeds would be used to fund acquisitions and the remainder would e for research and development and for upgrading information technology, Lu said, adding that final underwriters have yet to be decided.

It gave no further listing details.

In October last year, sources close to the deal told Reuters that Shanghai Pharmaceuticals, the Chinese partner of Roche Holding AG (ROG.VX), planned to raise $1.2-1.5 billion in a Hong Kong IPO in the second quarter of 2011. (US$1=HK$7.77)

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