South Beauty expects imminent HK IPO launch.

Upscale Chinese restaurant chain South Beauty Group expects to launch its initial public offering (IPO) on the Hong Kong stock exchange after the summer break, according to Hong Kong-based Chinese language newspaper Wen Wei Po.

The specific timing of the launch will depend largely on prevailing market conditions.

South Beauty has already passed a listing hearing and plans to raise between US100 million and US$200 million on the Hong Kong bourse. Joint lead-underwriters of the issue are Deutsche Bank and UBS AG.

South Beauty submitted an application to purse an IPO on Chinese mainland bourses last March. However, the China Securities Regulatory Commission (CSRC) rejected the application this April because, according to a report in the China Business News, the regulator planned to tighten restrictions on restaurant companies applying for the right to list.