China-based snack food retailer Hunan Juewei Food has filed for an initial public offering on the Shanghai Stock Exchange, China Money Network reported yesterday.
The company, which owns a chain of fast food stores across China that specialise in duck necks, plans to issue 90 million shares, but is yet to set a price for the offering.
Hunan Juewei raised $42.4m in equity funding in 2011 from Fosun Venture Capital Investment, which acts as conglomerate Fosun Group’s corporate venturing unit, and private equity firm Jiuding Capital.
Fosun owns an 8% stake in the food company, while Jiuding’s share is roughly 9%.
The filing comes at a time when China’s food sector is securing a great deal of venture capital investment, with Daojia and Etaoshi both closing corporate-backed rounds in the past month.