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Chinese hot-and-sour noodle chain Maliuji has selected banks for a potential initial public offering (IPO) in Hong Kong that could take place as soon as next year, according to people familiar with the matter.
The company is working with CMB International (CMBI) and Huatai Securities on preparations for a listing, the people said, asking not to be identified as the information is private. Details such as the IPO size and the company’s valuation have not yet been determined as the noodle chain continues to expand rapidly, the people said.
Deliberations are ongoing and Maliuji has not made any final decision regarding its IPO plans, the people said. Representatives for CMBI, Huatai and Maliuji did not respond to requests for comment.
Founded in 2020, Maliuji has emerged as one of China’s fastest-growing restaurant chains thanks to the relentless promotion by its founders on social media such as Douyin, the Chinese version of TikTok. The firm, which is famous for its hot and sour noodles, does not have an official website.
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Maliuji had 21 outlets in major cities including Beijing and Shanghai and planned to open another 12 stores this year, its CEO An Yong said in an interview with China News in June. The company also sells its products including noodles and frozen buns on online platforms such as Alibaba Group Holding’s Taobao.
Meanwhile, Shenzhen Shouhui Technology Group, a Chinese online insurance platform, is considering an IPO in Hong Kong as soon as next year, according to people familiar with the matter.
China International Capital Corp (CICC) and Huatai are working with the company on the listing preparations, the people said, asking not to be identified as the information is private.
The company could raise US$200 million to US$300 million in its first-time share sale, said one of the people, depending on the market condition.
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Deliberations are preliminary and details of the IPO such as size and timeline could change, the people said. A representative for CICC declined to comment, while representatives for Huatai and Shouhui Tech did not respond to requests for comment.
Founded in 2015 in Shenzhen, Shouhui Tech offers full service in insurance from online consulting to purchasing and compensation, according to its website.
It acquired an internet hospital licence in 2022, which allows it to offer online medical services. The company counts HongShan, Matrix Partners China, Tasly Holding Group and Gopher Asset Management as investors.
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