HONG KONG -- A Nissin Foods Holdings subsidiary expects to make quicker decisions on acquisitions and collaboration in greater China with its planned listing next month on the Stock Exchange of Hong Kong.
The Japanese food conglomerate's Hong Kong unit on Tuesday announced a Dec. 11 initial public offering, expected to draw up to 1.1 billion Hong Kong dollars ($141 million).
The company looks to capitalize on its well-known brands including Demae Iccho bagged instant noodles in order to strengthen offerings in other areas such as frozen foods and snacks, said Kiyotaka Ando, CEO of Hong Kong-based Nissin Foods Co., or Nissin HK.
Nissin HK previously consulted the Japanese parent before sealing collaboration deals with local companies, but now will be able to make decisions on its own, Ando said.
Nissin has operated in Hong Kong since 1984 and produces the Demae Iccho noodles, the Cup Noodles brand and other offerings locally. The company possesses a 65% market share for instant noodles in Hong Kong and a 20% share for high-end instant noodles in China.