Fosun International raised US$1.48 billion from its Hong Kong listing, the Wall Street Journal reported. The Chinese conglomerate's 1.25 billion shares were priced at the top of the indicative range of HK$6.98 to HK$9.23 (US$0.89-1.18). The indicative range was raised earlier because of strong investor interest. Fosun's main businesses are in steel production, property development and pharmaceuticals. The company has said it will use about half the money raised from its listing for investments and potential acquisitions, as well as to service US$1.14 billion in bank loans. Fosun's underwriters, UBS and Morgan Stanley, projected its net profit to rise 77% to US$249.2 million this year.
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