China-based snack and beverage group Dali Foods Group has raised HKD8.9 billion (approximately US$1.1 billion) in an initial public offering (IPO) on the Hong Kong Stock Exchange. The company sold 1.69 billion shares at HKD5.25 (approximately US$0.68) apiece. Dali Foods Group is backed by private equity and venture capital firm CDH Investments. CDH, which originally invested in the company through CDH China Fund V, did not dispose of any shares in the offering and is subject to a six-month lock-up period.