China's biggest pure fruit juice maker Huiyuan Juice has raised HKD2.4bn (US$307m) in an initial public offering on the Hong Kong stock exchange.

Lu Changqing, responsible for the listing, told just-drinks yesterday (14 February) that the offering had been priced at HK$6, the top end of an indicative price range, and that the retail tranche was more than 900 times oversubscribed.

Lu called the result "a miracle for a privately owned Chinese business". He said around 35% of the funds raised will go towards adding capacity, another 35% to improving its sales network, 15% for paying off debt, and the rest for updating current facilities and general expenses.

The sale of 400m new shares amounts to about 26% of the company. Danone, which had owned 22.2% of the company, will buy enough new shares outside the IPO to maintain its stake.

Huiyuan is scheduled to start trading on Hong Kong's main board on 23 February.