Insurer, noodle chain gearing for HK IPOs

Shenzhen Shouhui Technology, a Chinese online insurance platform, is considering an initial public offering in Hong Kong as soon as next year to raise up to US$300 million (HK$2.34 billion), according to people familiar with the matter.

China International Capital Corporation (3908) and Huatai Securities are working with the company on the listing preparations, the people said.

Founded in 2015, Shouhui Tech offers full service in insurance from online consulting to purchasing and compensation. It acquired an internet hospital license in 2022 which allows it to offer online medical services. The company counts HongShan, Matrix Partners China, Tasly Holding and Gopher Asset Management as investors.

Meanwhile, Chinese hot-and-sour noodle chain Maliuji has reportedly selected CMB International and Huatai Securities for a potential Hong Kong listing that could take place as soon as next year.

Established 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.

In other news, Home Original Chicken, a fast food chain focusing on Chinese-style chicken dishes, denied a report saying that it would apply for a Hong Kong IPO as soon as next month. It had filed for a 1.2 billion yuan (HK$1.3 billion) Shanghai listing in May last year but later scrapped the share sale plan.