Hony is offering 650 million shares in CSPC, according to a term sheet seen by IFR, in a bid to cash in on the drug company’s buoyant stock.
The firm has set a range of HK$6.30 ($0.81) to HK$6.45 per share which means the it could raise up to $535m.
Hony raised $569m selling shares of CPSC in May this year.
CPSC makes drugs to treat strokes and different types of cancer, as producing vitamin C, caffeine and antibiotics.
Goldman Sachs, Morgan Stanley and UBS are joint bookrunners of the sale, said IFR.
Last October Hony was looking to make about $260m by selling shares in CSPC Pharmaceutical Group through two affiliates.
Jinling Investment and Joyful Horizon were offering 500 million shares in the Chinese vitamin maker.
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