Hong Kong's initial public offering market maintained momentum, with two Chinese companies kicking off bookbuilding on Thursday, raising over HK$2.43 billion in total.
Guangzhou Xiao Noodles Catering plans to issue 97.6 million shares for up to HK$685 million, with an offer price ranging from HK$5.64 to HK$7.04.
The minimum investment is HK$3,556 per board lot of 500 shares.
Its cornerstones investors included HHLR Advisors, part of the Hillhouse Group, Dream’ee (Hong Kong) Open-ended Fund Company, Guotai Junan Investments, and Haidilao International's (6862) wholly owned subsidiary Hai Di Lao in Singapore, investing US$22 million (HK$171 million) in total.
The Chinese restaurant chain's interim net profit surged 65.7 percent year-on-year to 41.8 million yuan (HK$45.9 million) in 2025, while revenue rose 33.8 percent to 703.2 million yuan.
The noodle maker would mainly use the funding to expand restaurant network, broaden geographical coverage, and deepen market penetration.
It established a presence in Hong Kong last year, with several stores located in Tsuen Wan, Mong Kok, Kowloon Bay, Wong Chuk Hang, and other places.
In addition, Guangdong Tianyu Semiconductor aimed to raise HK$1.74 billion via 30 million shares, with an offer price of HK$58.
The silicon carbide epitaxial wafer manufacturer required a minimum investment of HK$2,929 per 50 shares.
The firm turned to profit for the first five months this year, rising 1.08 times to 9.51 million yuan (HK$10.5 million).
These two companies will debut on December 5.
