Chinese snackmaker Liwayway Holdings Co. is planning a Hong Kong initial public offering that could raise as much as $200 million, people with knowledge of the matter said.
Liwayway, which sells potato chips under the “Oishi” brand, has hired banks for a share sale next year, the people said Wednesday. It hasn’t yet filed a listing application with the Hong Kong stock exchange, according to the people, who asked not to be named as the information is private.
The Chinese snackmaker will join Jiashili Group Ltd., a biscuit manufacturer based in southern China, and canned fruit producer Tianyun International Holdings Ltd. in selling shares in Hong Kong. First-time share sales in the city have raised $20.1 billion this year, up from $16.3 billion during the same period in 2014, data compiled by Bloomberg show.
Liwayway, which sells more than 100 snack and confectionery products in China, was founded by Carlos Chan and his brother Manuel. The Shanghai-based company has more than 1,000 marketing staff in the country, according to its website.
The company has factories in Chinese cities including Harbin, Suzhou and Kunming, as well as manufacturing bases in Thailand and Indonesia. It entered the Vietnamese market in 1997 and Myanmar in 1999.
Zhang Xiao, a marketing official for Liwayway, declined to comment when reached by phone.