The placing raised approximately £10 million for CMSH and the market capitalisation at the issue price was £65.2 million.

The company focuses on research and development (R&D), manufacturing, distribution and marketing of pharmaceuticals primarily within China, and bills itself as ‘a gateway to China for small and medium-sized foreign drug companies’.

It was established in 1995 and began its R&D operations six years ago. Since then it has obtained 37 patents within China, and two overseas. Its revenues have grown at a compound average rate of 20 per cent in the past three years.