Chinese IPO

Two Chinese companies go ahead with Hong Kong IPOs

Ten Fu Tea and Hongguo International are pushing ahead with Hong Kong IPOs that could raise a total of $550 million.
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Lee Rie-Ho, founder of Ten Fu Group
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<div style="text-align: left;"> Lee Rie-Ho, founder of Ten Fu Group </div>

Two Chinese retail players have decided to press ahead with their Hong Kong IPO plans despite the weak market sentiment. Ten Fu Tea, a Chinese tea company, hopes to bag around $300 million through a new share sale, while Hongguo International, a Chinese shoemaker, plans to raise around $250 million, according to sources.

The two companies are likely to join Citic Securities, XCMG Construction Machinery, Sany Heavy Industry and New China Life, which are also seeking Hong Kong listings in the next couple of months.

Citic Securities, China’s biggest brokerage firm, plans to sell shares in a deal that could allow the company to raise around $3...

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