(Yicai Global) May 11 -- New Hope Service Holdings, a property management company owned by Chinese animal feed billionaire Liu Yonghao, intends to raise up to HKD940 million (USD121 million) in its Hong Kong listing on May 25, becoming New Hope Group's sixth listed unit.

The real estate company will issue 200 million shares, including 180 million internationally and 20 million shares in Hong Kong, the Chengdu-based company said in a statement on its website today.

Founded in 2010, New Hope Service offers its residential and corporate clients property management services, including cleaning and landscaping.

The initial public offering price range is between HKD3.80 and HKD4.70 (up to 60 US dollar cents) apiece. The shares will begin trading on the Hong Kong Stock Exchange with the ticker [HKG: 3685] on May 25.

The firm will use 15 percent of the proceeds of the IPO to upgrade its information system and equipment, it said. Ten percent of the tally will be considered working capital and funds for general business purposes. Moreover, 5 percent will be earmarked for talent acquisition and team building.

Liu is the founder of New Hope, a major animal feed producer in China. Liu and his family ranked 182nd on the Forbes World's Billionaires List 2021 with USD12.1 billion in assets.

New Hope Service has been increasingly profitable. Last year, its net profit soared by 72 percent to CNY110 million from 2019, according to its earnings report. Revenue rose 54 percent to CNY588 million.

Editor: Emmi Laine, Xiao Yi