Chinese drug retailer Asia Health Century International, backed by private equity firm CVC Capital Partners Ltd, is planning a Hong Kong IPO of up to $300 million next month, the Wall Street Journal reported on Thursday.

The IPO, still in the premarketing phase, could be worth between $200 million and $300 million, the newspaper reported, citing people familiar with the matter.

CVC bought a 24.24 percent stake in Asia Health Century for $84.1 million in 2011.

AHCI sells pharmaceutical and healthcare products in northeast China through 668 drugstores, and has a wholesale operation servicing over 3,500 customers throughout the country, according to the company's website.

AHCI could not be immediately reached for comment.