Jiangxi Qiyunshan Food Launches HK$200 Million Hong Kong IPO
Jiangxi Qiyunshan Food (HKG:2797) launched its Hong Kong initial public offering on Tuesday, seeking to raise up to HK$200 million.The China-based fruit snacks company is offering 25 million H shares at a maximum price of HK$8.00 each, according to a Hong Kong bourse filing.The offering comprises 2.5 million shares for Hong Kong investors and 22.5 million shares for international investors, subject to reallocation and the overallotment option.The offer price is expected to be determined by July 7, with allocation results due by July 8, ahead of the company's planned trading debut on July 9.Net proceeds will be used primarily to expand the company's production and storage capacity, enhance its research and development capabilities, and strengthen its e-commerce infrastructure and online marketing.The company also plans to use the funds to expand its offline sales and distribution network in China and for working capital and general corporate purposes.Zhongtai International Securities is acting as the sole overall coordinator, sole global coordinator, joint bookrunner and joint lead manager, with CCB International Capital, SPDB International Capital, CMBC Securities and other firms serving as joint bookrunners and joint lead managers, according to the prospectus.
