Tsui Wah to hold HK IPO Nov. 26
Tsui Wah Holdings has scheduled an initial public offering (IPO) of shares to be traded on the Hong Kong Exchange. On Nov. 14, the Lee Yuen Hong, chairman and executive director, signed the announcement the stock in the quick-serve Hong Kong-style restaurant chain owner will be available Monday Nov. 26 at 9 a.m.
The company prospectus describes its as “the leading ‘Cha Chaan Teng’ chain owner and operator in Hong Kong.” Twenty-six restaurants are operating in Hong Kong, China and Macau under the “Tsui Wah” brand.
Notable restaurant locations include the Hong Kong International airport where Tsui Wah operates two stores. The company also highlights its focus on a younger target audience with restaurants in shopping malls and residential neighborhoods.
Over the past three years Tsui Wah ha seen revenues increasing from HK$440,010 in 2010 to HK$598,047 in 2011 and HK$762,791 in 2012 from 13, 17 and 20 restaurants. Between the end of fiscal year 2012 and June 30, three more restaurants were added with another to be included “as of the latest predictable date.”
33,334,000 shares are to be available on in the Hong Kong public offer with a maximum offer price of $2.27 per share. Deutsche Securities Asia Limited will be the sole book runner.
