MEICAI, a startup that connects restaurants with vegetable producers on the Chinese mainland, has picked banks for its proposed Hong Kong initial public offering (IPO), according to sources with knowledge of the matter. The Beijing-based company has selected China International Capital Corp., Citigroup Inc. and Nomura Holdings Inc. to work on the first-time share sale, the sources said. Meicai could raise US$300 million to US$500 million from the planned new share sale, the sources said, asking not to be identified as the information is private. The produce supplier started preparations for a Hong Kong IPO, Bloomberg News reported in July, joining firms such as Lalamove and Xiaohongshu in shifting such plans away from the United States. Deliberations are ongoing and details such as timing and fundraising size could change, said the sources. Meicai, whose name means “beautiful vegetable” in Chinese, was founded in 2014 by rocket scientist Liu Chuanjun. Using a smartphone app, restaurant owners on the Chinese mainland can order fresh produce directly from farms, cutting out middlemen. Meicai said that it serviced more than 2 million restaurants in more than 300 cities as of the end of 2020. The company counts Tiger Global Management, Hillhouse Capital and GGV Capital among its backers. (SD-Agencies) | 