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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China heparin IPO lifts founders to richest couple AP - Saturday, May 8 Send IM Story Print SHANGHAI – The market miseries generated by Greece's debt crisis made no dent Friday in gains by drug maker Shenzhen Hepalink Pharmaceutical, following an IPO that catapulted the company's low-profile founders to richest couple in mainland China. Shenzhen Hepalink, a maker of heparin, a blood thinner based on chemicals derived from pig intestines, rose 1.5 percent to 177.78 yuan ($26.03) on Friday, its second day of trading after the initial public offering raised 5.9 billion yuan ($864 million). The company's share price jumped 18 percent in its debut Thursday after starting at an IPO price of 148 yuan ($21.67) _ a record for a share traded on a mainland Chinese stock exchange. Li Li and his wife Li Tan, who own a combined 72 percent of the company's shares following its IPO, now hold wealth estimated at more than 50 billion yuan ($7.4 billion). That tops auto and battery maker BYD Co. chairman Wang Chuanfu's fortune, which Shanghai-based research group Hurun had listed as the biggest in China at $5.1 billion. The better-than-expected IPO performance boosted confidence in the resilience of China's own share markets despite losses stemming partly from the Greek debt crisis. Shanghai's benchmark Composite Index fell 1.9 percent, or 51.32 points, to 2,688.38 on Friday, while the smaller Shenzhen Composite Index, where Shenzhen Hepalink is traded, dropped 2.2 percent to 1,064.17. The Shanghai index lost 6.3 percent for the week following a huge sell-off in Wall Street due to fears the Greek debt crisis could spread in Europe. Trading in Shenzhen is often driven more by domestic factors given the large number of smaller companies listed on the exchange. Heparin is a chemical used to thin blood and prevent clotting in catheters. Mindful of problems in 2008 when contaminated heparin imported from other Chinese companies was linked to hundreds of life-threatening allergic reactions and at least three deaths, Shenzhen Hepalink has made safety a top selling point. The company's products are approved by the U.S. Food and Drug Administration and regulators in other key major markets. Shenzhen Hepalink's strong debut was a windfall for investment bank Goldman Sachs, which invested $4.9 million in a 12.5 percent stake in the company in 2007. Recommend Send IM Story Print Related Articles BofA's Countrywide OKs $624 million lawsuit settlement Reuters - 34 minutes ago US-BUSINESS Summary Reuters - 35 minutes ago Authorities probe cause of Thursday stock swoon Reuters - 35 minutes ago FOREX-US job gain boosts dollar, Greek worries linger Reuters - 49 minutes ago Mechel placement marred by mkt turmoil Reuters - 50 minutes ago News Search Top Stories World leaders rush contain Greek contagion Dow Jones falls over 250 points after market crash Spain scrapes out of recession Heat on euro leaders turns global Global stocks retreat as US probes Wall St plunge More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Panic sends Dow to worst ever drop Lack of sleep linked to early death: study Freddie Mac asks for fresh 10.6 billion dollar bailout Humans interbred with Neanderthals: genome analysis BP lowers dome as oil laps Louisiana island More Most Viewed » Aliens may exist but contact would hurt: Hawking Lack of sleep linked to early death: study Apple engineer loses iPhone prototype French driving veil row escalates Freddie Mac asks for fresh 10.6 billion dollar bailout More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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