Chinese pet-care and pet-food companies are turning to the stock market for fresh capital to expand in the RMB 494 billion ($73 billion) domestic industry, with at least four of them joining a beeline of new listings in the coming weeks, reports the South China Morning Post.
Wenzhou Yuanfei Pet Toy Products, which mainly produces leashes, started taking orders last week for its RMB 409 million initial public offering (IPO) in Shenzhen later this month, according to an exchange filing. Gambol Pet Group gained approval last month for its RMB 600 million IPO on the ChiNext board in Shenzhen.
They will add to peers like Hangzhou Tianyuan Pet Products and Shanghai Fullpet Pet Products, which have submitted their IPO plans, according to exchange filings. Larger groups like Yantai China Pet Foods and Petpal Pet Nutrition Technology went public in 2017. Shandong Luscious Pet Food Inc went public in Beijing in March this year.