Yuen Kee Food Group Clears HKEX Listing Hearing, Aims to Raise HK$300-400 Million in IPO

Yuen Kee Food Group, the owner of well-known restaurant brand Yuen Kee Dumpling, has cleared its listing hearing with the Hong Kong Exchanges and Clearing (HKEX), aiming to raise between HK$300 million (US$38.3 million) and HK$400 million, according to people familiar with the matter.

The conclusion of the hearing marked its initial public offering (IPO) plan entering its final stage, and the company planned to kick off the offering in October, the sources said, who asked not to be named because they did not have permission to speak publicly about the matter.

Ahead of its IPO, Yuen Kee completed three funding rounds, bringing in BA Capital – a China-focused consumer sector investment firm which had previously backed Pop Mart and Heytea.

Huatai International and GF Securities are serving as joint sponsors.

The final amount fundraised would depend on the company’s valuation and investor demand, and the timing and size of the offering could still change, one source said.

As of late May, Yuen Kee operated 4,773 outlets globally, covering more than 250 mainland Chinese cities, primarily through franchised stores.