Guangdong Jiaying Pharmaceutical has been approved to make its IPO on the Shenzhen stock exchange. The company will issue 20.5 million shares, which will represent 25% of the outstanding shares after the IPO. The five owners of Jiaying have agreed to a 36-month lockup of their personal holdings in the company. Jiaying plans to raise a total of 175 million RMB ($23.6 million) in the offering, implying a price of 8.5 RMB per share. Jiaying will use the money to expand its production facility and build a distribution center. More details...