Frozen food supplier’s listing is expected to raise as much as US$600 million in Hong Kong by floating 59.5 million shares
Anjoy Foods Group, mainland China’s largest producer of frozen hotpot ingredients, said it plans to expand in overseas markets like Europe and Southeast Asia after it lists in Hong Kong.
Liang Chen, board secretary of the Fujian-based company, told the Post that proceeds from the share sale would bolster its competitiveness in countries like Indonesia and Malaysia, where hotpot has been flourishing. He spoke ahead of the company’s Hong Kong bookbuilding, which kicks off on Wednesday.
“Southeast Asia is a fast-growing market where not a single established brand [of frozen food] can be found,” he said. “We believe it is a place for us to repeat our success after two decades of development in China.”
The company was expected to raise as much as US$600 million by floating 59.5 million shares, which was based on its Shanghai closing price of 76.38 yuan (US$10.64) on Tuesday.
