Zhouheiya fast food chain to list in HK

Despite lower valuation there, companies seek to avoid long IPO queue in the mainland

The initial public offering of Zhouheiya, a Hubei province-based fast food chain known for its spicy-braised duck neck and other ready-to-eat snacks, opened for subscription in Hong Kong on Tuesday, looking to raise up to HK$3.3 billion ($425.7 million).

The braised food producer and retailer, scheduled to make its trading debut on Nov 11, will sell 424 million shares at an indicative range between HK$5.8 and HK$7.8 apiece.