Chinese grilled fish diner chain considering Hong Kong IPO, sources say

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 this year, according to people familiar with the matter.

China International Capital Corp (CICC) 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 (US$973 million) to 8 billion yuan, one of the people said.

Considerations are ongoing and details of the IPO such as size and timeline have not yet been finalised, the people said.

Hong Kong IPO pipeline grows as Chinese restaurant chain files application

Representatives for CICC and GTMS did not immediately respond to requests seeking comment.

GTMS could be joining a handful of Chinese food and drink companies in seeking listings in Hong Kong this year.

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 this month.

Founded in 2009, GTMS runs four brands including 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, its website shows.

Chua is among the most famous food critics in Greater China and Southeast 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 GTMS’s website.