Wuyi Pharmaceutical, a small drug maker based in China's Fujian province, plans to raise as much as US$103 million in a Hong Kong share sale, a source close to the deal said.

The firm, which produces western drugs as well as traditional Chinese medicine, will start a management road show in Hong Kong on Wednesday in a deal arranged by Credit Suisse and UBS.

Wuyi is offering 445.15 million shares or 27 percent of its enlarged share capital, at HK$1.20 to HK$1.80 apiece.