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Citing in-depth changes to the global industrial landscape and the upgrading of China's manufacturing industry, Meng said it was a normal phenomenon for some enterprises to set up factories abroad.

Citi and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.

Citing statistics from the National Bureau of Statistics, the report has projected a huge market potential. As of the end of 2018, the total number of Chinese seniors (60 and above) reached 249.49 million, and it is expected to surpass 300 million in 2025.

Clients include brand names such as major dairy group Yili, supermarket chain BuBuGao, food giant Heinz Co and Johnson's baby products, part of healthcare conglomerate Johnson & Johnson.

Christine Zhou, president of Novo Nordisk China, the company's local unit, said: "There are about 61 million untreated diabetes patients in China and we are committed to addressing the increasing diabetes burden now and in the coming years.