(Yicai Global) March 11 -- Teway Food, a Chinese firm renowned for its hotpot seasoning, hopes to raise CNY530 million (USD78.8 million) in its latest attempt at an initial public offering, its fourth effort since 2012.

The China Securities Regulatory Commission's Issuance Appraisal will review the Sichuan-based company's application tomorrow, according to a list of pending examinations published by the watchdog. It will also probe the firm and its sponsor, Dongxing Securities, over why previous applications were cancelled.

The company plans to use the money raised to renovate and expand two of its production bases and support marketing services, a similar rationale to those behind its past applications.

Teway first applied to go public seven years ago but quit during the review stage, according to public data. It re-fired the plans in 2014 but gave up as Beijing sought to curb new stock issues. The firm again applied in 2015 to raise about CNY330 million, but the CSRC told the company in November that year that it should cancel its application as it still had issues that required "further clarification."

Founded in 2007, Teway is best known for its Dahongpao and Haorenjia brands of hotpot soup bases. It made CNY64.8 million in the first half of last year on revenue of CNY477 million, compared with full year figures of CNY186 million and CNY1.06 billion (USD158 million) in 2017. 

Editor: James Boynton