Shanghai, China-based food-delivery service Pang Pang Xiang (China) Co. has filed for an initial public offering on the Stock Exchange of Hong Kong.
The company hopes to reverse the fortune of other China-based food-delivery companies, including Missfresh and Dingdong Maicai, which have seen their valuations plummet after going public.
It remains to be seen what if any investor appetite appears for Pang Pang Xiang shares if the IPO goes ahead. Even though their share prices surged in March and April 2022 as investors saw earnings potential in COVID lockdowns, Beijing-based Missfresh and Shanghai-based Dingdong have since seen their share prices plunge after investors lost faith in the companies’ profitability outlook ...
