Global law firm Freshfields has provided Hong Kong and US law advice to the joint sponsors and the underwriters in the global offering and listing of shares of Xiaocaiyuan International Holding Ltd. (‘Xiaocaiyuan’) on the Hong Kong Stock Exchange (‘HKSE’).

The transaction raised proceeds of approximately US$110 million before any exercise of the over-allotment option. Listing of the shares commenced today.

Xiaocaiyuan is one of the renowned self-operated chain restaurants in China’s mass Chinese cuisine market. Since its establishment in 2013, it has been striving to offer consumers home-style flavour dishes and attentive services at affordable prices. It had 663 self-operated restaurants under operation, with a coverage of 146 cities or counties across 14 provinces in China. According to Frost & Sullivan, in terms of the restaurant 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.

The Freshfields team advising on the transaction was led by Head of China ECM and partner Richard Wang and partner Howie Farn. They were supported by senior associate Chongming Ma, and associates Yuwei Tian, Jianhua Feng and Peiyou Tang.