The Chinese brewer, Fujian Huiquan Brewery Group Inc, is expecting to raise CNY452.56m ($54.53m) through the issue of 63m A-shares in an initial public offering, scheduled for February 11, 2003.

The shares are priced at CNY7.44 ($0.90) each which is 20 times the company's fully diluted earnings per share in 2002. The IPO is open to secondary market investors with holdings of at least CNY10,000 ($1,205).