Jiangsu Slender West Lake Culture and Tourism (HKG:6157) launched its Hong Kong initial public offering on Wednesday, seeking to raise up to HK$226.9 million.

The China-based tourism company is offering 44.8 million H-shares at a maximum price of HK$5.07 each, according to a Hong Kong bourse filing.

The offering comprises 4.5 million shares for Hong Kong investors and 40.3 million shares for international investors, subject to reallocation and the over-allotment option.

The offer price is expected to be determined by Oct. 21, with allocation results due by Oct. 22, ahead of the company's planned trading debut on Oct. 23.

The proceeds will be used mainly to develop water-based immersive projects at Slender West Lake, introduce new water tour routes and tourism projects in Yangzhou, and expand the project portfolio under the management services business.

The company also plans to upgrade existing assets, with the remainder allocated to working capital and general corporate purposes.

China Everbright Capital is serving as the sole sponsor, while China Everbright Securities (HK) is acting as the sole overall coordinator, sole global coordinator, joint bookrunner, and joint lead manager.