China-based pharmaceutical manufacturer Luye Pharma Group, which is backed by China-focused private equity firms CDH China Management Company, CITIC Private Equity Funds Management and New Horizon Capital, has raised US$764 million in an initial public offering. The company priced its offering at the high end of its indicative price range, selling 999.6 million shares at HKD5.92 (approximately US$0.76) each. Existing shareholders CDH, CITIC Private Equity, New Horizon and Singapore’s sovereign wealth fund GIC all sold part of their stakes in the offering. Luye Pharma is scheduled to begin trading on the Hong Kong Stock Exchange on 9 July.