Mainland restaurant chain debuts in HK ahead of IPO

China's Green Tea restaurant chain is planning an initial public offering in Hong Kong, where it is soon to open a second outlet.

The restaurant operator opened its first outlet in Causeway Bay yesterday, with its second slated to open in Tai Wai, according to Invest Hong Kong.

Thomas Tao, vice president and general manager of the overseas business division of Green Tea, said the group has more than 420 directly managed stores in the mainland, adding that Hong Kong offers an important strategic platform for its vision to become an internationally acclaimed Chinese cuisine brand.

Green Tea submitted its fourth application for a Hong Kong IPO in June this year.

The restaurant chain said in its prospects that funds raised would be used for such purposes as expanding its restaurant network and establishing central food processing facilities.

The firm plans to open around 675 new restaurants by 2027.

In other news, Chinese appliance giant Midea's (3990) international tranche was fully subscribed on the first day of book building, the International Financing Review reported, citing sources.

Midea began taking investor orders for its share sale in Hong Kong on Monday, which could be worth as much as HK$26.97 billion, the city's biggest listing in more than three years.

Staff reporter