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Deepti Sri · · 1 min readReport: Chinese F&B major Meicai mulls shifting IPO from US to Hong Kong
“Meicai, a Chinese startup that connects restaurants with vegetable producers, is considering shifting its initial public offering to Hong Kong from the US after Beijing’s recent crackdown on overseas listings,” Bloomberg reported, citing people with the knowledge of the matter.
Details:
- Meicai has begun preparations for a Hong Kong listing, people familiar with the matter said. They added that the startup is likely to raise several hundred million US dollars in its stock market debut.
- Discussions on shifting the company’s IPO listing were still ongoing, according to the sources, and Meicai could still decide to proceed with its plan to list in the US later.
Dive deeper:
- On-demand logistics firm Lalamove is also reportedly considering shifting its planned US$1 billion US listing to Hong Kong, where it’s headquartered. This comes amid Beijing’s clampdown on a wave of Chinese firms chasing overseas listings.
- Didi Global got caught in the crosshairs of Chinese regulators a month after listing in the US. Reports suggest that the company could face penalties including a fine, the suspension of certain operations, the introduction of a state-owned investor in the firm, or even a forced delisting.
Editing by Miguel Cordon and Arpit Nayak
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