Shenzhen Gantang Mingshan Catering, the company behind popular Chinese restaurant chains including Chua Lam's Dim Sum, is weighing an initial public offering in Hong Kong, according to people familiar with the matter, but the firm clarified that it will take place three years later.
China International Capital Corporation (3908) is working with the Shenzhen-based firm on preparations for a listing, the people said. GTMS, as the company is known, may seek to raise a few hundred million dollars in a share sale, the people said. It currently has a valuation of about 7 billion yuan (HK$7.6 billion) to 8 billion yuan, one of the people said.
GTMS is one of several Chinese food and beverage firms looking to list in Hong Kong this year. Three firms including ice-cream and tea chain Mixue filed pre-listing documents with the Hong Kong stock exchange earlier this month and at least three chains - Maliuji, Hefu Noodle and Meet Noodle - are reportedly preparing to go public in the city.
Considerations are ongoing and details of GTMS's IPO such as size and timeline haven't yet been finalized, the people said.
Founded in 2009, GTMS operates four brands including Chua Lam's Dim Sum, Chua Lam's Pho, grilled fish diner Tanyu and Sichuan-styled restaurant Sajiao, according to its official website. It has opened more than 300 restaurants in 67 cities in China. Tanyu has grown rapidly in recent years and now operates more than 260 outlets, its website shows.
The dim sum and pho brands are named after Chua Lam, one of the most famous food critics in Greater China and Southeast Asia.
Chua was born in Singapore, but has spent most of his life in Hong Kong. He creates the dishes at the namesake restaurant chains, according to the GTMS website.
In other news, Amer Sports, the maker of Wilson tennis rackets and Salomon ski boots, is seeking to raise as much as US$1.8 billion (HK$14.04 billion) in a US initial public offering, according to people familiar with the matter.
The company could market about 100 million shares in a range of US$16 to US$18 each, the people said. Terms of the potential offering may be announced as soon as in the coming days, they said.
The listing would be the biggest in the US since a crop of IPOs led by semiconductor designer Arm's US$5.23 billion offering in September failed to deliver a hoped-for rebound in the market.
