Hunan Chayue Cultural Industry Development Group Ltd., also known as Sexy Tea, has selected banks for a Hong Kong initial public offering, which could take place as soon as this year, according to people familiar with the matter.
China International Capital Corp. and Morgan Stanley are working on the potential listing, the people said, asking not to be identified as the information is private. The Chinese teahouse chain may raise a few hundred million dollars via the share sale, though the ultimate size will depend on market sentiment, the people said.
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