South Beauty planned to go to Hong Kong for its initial public offering after encountering a setback in an attempt to become a public company listed as an A share in the mainland. It has submitted its application to the Hong Kong stock exchange recently and would raise $300-400 million (around 1.89-2.52 billion yuan). It hoped to be listed in Hong Kong the second quarter this year.

South Beauty withdrew its application by itself from China Securities Regulatory Commission last March when it felt the tightening regulations for companies in catering industry. It invited United Bank of Switzerland and Piper Jaffray Asia to be its sponsors in its attempt in Hong Kong this time.

Source:chinaretail.org