Yunfeng-Backed Condiment Firm Yihai Completes $111M Hong Kong IPO

Chinese condiment maker Yihai International Holding, in which Yunfeng Capital owns a 6% interest, has completed an initial public offering in Hong Kong to raise around HK$861 million (US$111 million).

Yihai, a unit span off from parent company popular Sichuan hot pot chain Haidilao Group, sold 260 million shares at the upper end of its predicative price of HK$3.3 a piece. Its shares closed down at HK$3.25 at the end of trading yesterday.

The company plans to use the IPO proceeds to construct a production facility in Hebei province and on potential acquisitions.

Yihai, as a condiment maker, has a simple business model and scale. In comparison, restaurant operator Haidilao is labor intensive with complicated financials, higher tax and regulatory risks, making it a less attractive story for the capital markets.

As Haidilao's sol...

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