(Yicai Global) Nov. 2 -- Walnut milk maker Hebei Yangyuan Zhihui Beverage Co. has submitted a prospectus for its initial public offering to the China Securities Regulatory Commission, the regulator said online.

The firm has tried to go public three times already, failing to list in 2012, 2013 and 2016. This time around, it proposes to list 5.5 million of its shares, making up a total of 10 percent, according to the new prospectus.

Founded in 1997, Zhibei Beverage is a major manufacturing enterprise integrating research, development, production and sales. Its best-known brand is Six Walnuts, a nut-based milk.

Six Walnuts sales hit almost CNY10 billion (USD1.51 billion) at its pinnacle, but sales fees are high and outlined in the prospectus as a potential risk. The fast-moving consumer goods industry requires consistent cash injections for brand development, market expansion and introduction of new sales channels, the document added. Between 2015 and June this year, sales fees have increased to make up more than 10 percent of business income, peaking at 15 percent.

The firm lacks a comprehensive product range, with its drinks mostly being nut-protein beverages. From 2014 through 2016, walnut milks made up 94 percent of the company's primary business, peaking at 97 percent, Jiemian News reported.

Zhihui Beverage is also embroiled in a number of lawsuits, with a better-known case being a trade dispute with California Yu Foods Co. that began last year, wherein the plaintiff is still looking to sue the drinks maker for USD10.29 million.