Owner of grilled fish restaurant chain Tanyu mulling over Hong Kong IPO, sources say
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Tanyu has grown rapidly in recent years and now operates more than 260 outlets, including seven in Singapore.
PHOTO: 探鱼/FACEBOOK
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Hong Kong – Shenzhen Gantang Mingshan Catering, the company behind popular Chinese restaurant chains including grilled fish diner Tanyu, is weighing an initial public offering (IPO) in Hong Kong as soon as 2024, according to people familiar with the matter.
China International Capital Corp is working with the Shenzhen-based firm on preparations for a listing, the people said, asking not to be identified as the information is private.
GTMS, as the company is known, may seek to raise a few hundred million dollars in a share sale, the people said. It currently has a valuation of about 7 billion yuan to 8 billion yuan (S$1.3 billion to S$1.5 billion), one of the people said.
Considerations are ongoing and details of the IPO, such as the size and timeline, have not yet been finalised, the people said. Representatives for China International Capital and GTMS did not immediately respond to requests seeking comment.
GTMS could be joining a handful of Chinese food and beverage companies in seeking listings in Hong Kong in 2024. Chinese hot-and-sour noodle chain Maliuji selected banks for a potential IPO, Bloomberg News reported in October. Ice cream and tea chain Mixue Group filed its pre-listing documents with the Hong Kong stock exchange earlier in January.
Founded in 2009, GTMS runs four brands, namely Chua Lam’s Dim Sum, Chua Lam’s Pho, Tanyu and Sajiao, according to its official website. It has opened more than 300 restaurants in 67 cities in China.
Tanyu has grown rapidly in recent years and now operates more than 260 outlets, including seven in Singapore, its website shows.
Mr Chua Lam is among the most famous food critics in Greater China and South-east Asia. Born in Singapore, he has spent most of his life in Hong Kong. The food critic designs the dishes at the namesake restaurant chains, according to its website. BLOOMBERG
