Clifford Chance

Clifford Chance advises Xiaocaiyuan on its IPO and listing in Hong Kong

Global law firm Clifford Chance has advised leading Chinese chain restaurants company, Xiaocaiyuan International Holding Limited on its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange. The IPO raised approximately US$ 110 million.

Xiaocaiyuan is one of the renowned self-operated chain restaurants in China’s mass Chinese cuisine market. In terms of revenue for 2023, Xiaocaiyuan ranked first among all brands in China’s mass Chinese cuisine market with average spending per consumer between RMB50 and RMB100. Xiaocaiyuan has been committed to providing consumers with homemade-style dishes and great customer services at affordable prices through self-operated chain restaurants.

Tim Wang, Chair of China practice co-led the deal with partners Tianning Xiang and Jean Thio, with support from counsel Claire Cao and Qingyu Wu, senior associates Yuanyuan Cai and Ran Bi, associates Cathy Qian and Xiao Tang, trainee solicitor Jin Qin and legal specialist Janssen Yang.

Tianning said, "We are very pleased to have assisted Xiaocaiyuan on its successful listing. This listing will pave the way for the company to expand its restaurant networks, strengthen its supply chain capabilities and promote its information technology capabilities. This transaction highlights our firm's deep expertise in capital markets and our China coverage.  In particular, it builds on our track record of advising homegrown food and beverage companies in the region on transactions that facilitate their business expansion."

Clifford Chance has advised on multiple IPO listings involving major food and beverage companies in China, including Haidilao, China Resources Beverage, ChaPanda and Guoquan Food Shanghai Co Ltd.