Chinese Restaurant Chain Xiaocaiyuan Aims to Raise $101 Million in Hong Kong IPO

Dow Jones12-12

By Amanda Lee

Chinese restaurant chain Xiaocaiyuan International plans to raise US$101 million in an initial public offering in Hong Kong, tapping into renewed demand for listings in the Asian financial hub.

The company said in a bourse filing Thursday that it aims to sell 101.2 million shares at 8.50 Hong Kong dollars apiece. It plans to use net proceeds of about HK$784.0 million, equivalent to about US$101 million, to expand its network of restaurants and boost supply-chain capabilities.

It expects trading of shares to begin on Dec. 20.

The offering comes at a time of rising appetite for new listings in Hong Kong after a long drought. This week, Chinese cosmetics maker Mao Geping Cosmetics began trading on the Hong Kong exchange after raising HK$2.34 billion in gross proceeds. In September, Chinese appliance maker Midea raised nearly US$4 billion in Hong Kong's biggest listing of the year.

Xiaocaiyuan was established in 2013 by Wang Shugao, a 52-year-old former chef with a background in catering. The company, based in China's Anhui province, operates 663 restaurants in 146 cities largely in the eastern part of the country specializing in affordable home-style cuisine.

The company's business strategy is aimed at the mass market for Chinese cuisine. Average spending per customer in this segment, which accounts for about 55% of the overall market, is about US$6.88 to US$13.77.

UBS and Huatai International were among the advisers on Xiaocaiyuan's offering.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

December 11, 2024 23:15 ET (04:15 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It plans to use net proceeds of about HK$784.0 million, equivalent to about US$101 million, to expand its network of restaurants and boost supply-chain capabilities. \n</p>\n<p>\n  It expects trading of shares to begin on Dec. 20. \n</p>\n<p>\n  The offering comes at a time of rising appetite for new listings in Hong Kong after a long drought. This week, Chinese cosmetics maker Mao Geping Cosmetics began trading on the Hong Kong exchange after raising HK$2.34 billion in gross proceeds. In September, Chinese appliance maker Midea raised nearly US$4 billion in Hong Kong's biggest listing of the year. \n</p>\n<p>\n  Xiaocaiyuan was established in 2013 by Wang Shugao, a 52-year-old former chef with a background in catering. 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