Green Tea, one of the four largest Hangzhou chain restaurants in China, is planning to go public on themain board of the Hong Kongstock exchange, according to local media outlets on April 2.
The restaurant is expected to be the first listed among the four largest Hangzhou chain restaurants.
According to a report by China Insights Consultancy, Green Tea was the fourth largest Chinese chain restaurant in 2020 in terms of its annual revenue and the number of its branches.
The first Green Tea restaurant opened on Longjing Road in Hangzhou in 2008. Now, Green Tea has 20 branches in the city. Since 2010, the restaurant has expanded across the country.
According to the draft prospectus submitted by Green Tea Group Limited to Hong Kong Exchanges and Clearing Limited, Green Tea had opened 190 branches across the country as of Dec 31, 2020.
The operation revenue of Green Tea in 2018, 2019, and 2020 was 1.31 billion yuan ($200 million), 1.73 billion yuan, and 1.57 billion yuan, respectively.
Green Tea plans to raise about $200 million in funds. It is also preparing to open about 60 new branches this year.
It is also expected that Helen's, a wine house chain brand with a dozen branches in Hangzhou, will also go public on the Hong Kong stock exchangethis year.