Mainland China’s largest drug distributor, Sinopharm (1099:HKG), plans to issue 198.8 million shares of new stock in an effort to raise HK$5.5 billion, The South China Morning Post reported, citing an announcement by the Hong Kong stock exchange. New shares will be issued at HK$28.4, a 7.5% discount from their closing price on November 21, and will represent about 20% of the the entirety of H shares of the company. The company aims to expand its pharmaceutical distribution and retail network through the funds raised. Sinopharm’s stock recently reached a 52-week high in mid-November.