China Shineway Pharmaceutical Group Ltd., which plans a listing in Hong Kong in December, expects its net profit to grow at least 65 percent this year.

The company expected its net profit to reach at least 250 million yuan (US$30 million) in 2004, up from 151.4 million yuan last year, Li Zhenjiang, CEO of Shineway, said.

Shineway, which plans to raise up to HK$872 million (US$111.8 million) through its initial public offering, is expected to become Hong Kong's biggest listed pharmaceutical company from the Chinese mainland by market capitalization.

It produces and markets traditional Chinese medicines. Its current range comprises 31 prescription and 14 over-the-counter medicines.

Source: Shenzhen Daily