Chinese soda maker Dayao is gearing up for a Hong Kong initial public offering as early as the second half of 2025, people familiar with the matter said, building on the city’s emerging recovery in new listings.
The company, based in China’s Inner Mongolia, is working with advisers as it seeks to raise as much as $500 million, the people said, asking not to be identified as they weren’t authorized to speak publicly. Deliberations are ongoing, and the size and timing of the deal could change, the people said.
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