Xiamen Jihong (HKG:2603) launched its initial public offering in Hong Kong Monday, seeking to raise up to HK$725.3 million from the deal.

The paper packaging manufacturer for fast-moving consumer goods is offering up to 67,910,000 shares expected to be priced between HK$7.48 and HK$10.68 per share, according to a Monday filing with the Hong Kong bourse.

Xiamen Jihong expects to determine the IPO price on May 23 and disclose allocation results on May 26. Shares will begin trading on the stock exchange on May 27.

The paper packaging company intends to use the proceeds to fund its overseas expansion, technology development, brand portfolio expansion, and working capital.

Xiamen Jihong attracted Timber Kangaroo Capital, Yulong International Capital, and Harbin Gloria Pharmaceuticals (SHE:002437) Chairperson Shen Zhenyu as cornerstone investors.

China International Capital Corp. Hong Kong Securities, CMB International Capital, BOCI Asia, China Galaxy International Securities (Hong Kong), ICBC International Securities, CCB International Capital, Quam Securities, SDHG International Securities, Fosun International Securities, Long Bridge HK, Livermore, Sinolink Securities (Hong Kong), and Huafu International Securities are the joint bookrunners and lead managers of the IPO.