Shanghai Fosun Pharmaceutical (600196.SH) could become the first significant new listing in Hong Kong since July, raising up to US$591 million in an IPO, The Wall Street Journal reported, citing anonymous sources. Shanghai Fosun, a unit of conglomerate Fosun International (0656.HKG), aims to sell 336 million shares at HK$11.80 to HK$13.68 each. The range would be 12.1- to 14-times earnings forecasts for 2013, a discount compared to market rivals China Pharmaceutical (1093.HKG), trading at 16.9-times 2013 earnings, and Shanghai Pharmaceuticals (601607.SH, 2607.HKG), trading at 14.6-times. Institutional investors can begin ordering shares today, while retail investors can file orders starting Wednesday. The offering should price later this week and begin trading October 30. Hong Kong has been the top venue for new shares for the last three years but has fallen to fifth this year on reduced market confidence in the global and Chinese economy.