Xiangeqing founder to make hay from IPO

Entrepreneur Meng Kai is expected to join the Chinese rich club after the initial public offering of Beijing Xiangeqing Co Ltd yesterday. The catering chain company's shares have been priced at 18.9 yuan per share and would be listed on the Shenzhen Stock Exchange.

Xiangeqing got approval from the China Securities Regulatory Commission to issue 50 million A shares and raise about 460 million yuan from the public float.

The company said it would use the IPO proceeds to set up new restaurants, green food distribution bases and food processing plants.