Shanghai-based bakery chain Christine International Holdings Ltd. plans an IPO on Hong Kong stock market. [CFP]

Shanghai-based bakery chain Christine International Holdings Ltd. has filed for an initial public offering (IPO) that will raise up to HK$550 million (US$70.9 million) on the Hong Kong stock market. This will put the company on course to become the first Hong Kong-listed bakery operation from the Chinese mainland.

Christine plans to issue 250 million shares through the IPO, according to its prospectus. The company embarked on a roadshow on February 6 and began to take subscriptions from institutional investors. The shares are expected to begin trading on February 23.

According to Christine's IPO prospectus, proceeds from the float will be invested in opening more stores, increasing output and scouting for strategic acquisition opportunities. 　

Christine International Holdings Ltd., founded in January 1993, operates 898 bakeries in Shanghai, Jiangsu and Zhejiang.

China's business press carried the story above on Wednesday.

Contact the writer of this story at: hes@china.org.cn.