Chinese biscuit maker Dali Foods Group is reportedly planning to raise US$1.5bn in a Hong Kong initial public offering in September.

A Thomson Reuters publication, IFR, citing sources familiar with the plan said the company has hired Bank of America Merrill Lynch and Morgan Stanley as joint sponsors for the IPO.

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Dali Foods is controlled by the family of its Chairman Xu Shihui, with private equity firm CDH Investments holding a 3 percent stake.

The company could not be reached for comment at the time of press.

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