China-based baby formula producer China Feihe has raised HKD6.7 billion (approximately USD856 million) in its initial public offering (IPO) on the Hong Kong Stock Exchange. The company sold 893 million shares at a price of HKD7.50 (USD0.96) per share. Investors in Feihe include Asia-focused private equity investor Morgan Stanley Private Equity Asia (MSPEA), which backed a management buyout and delisting of the company from the New York Stock Exchange in 2013. MSPEA did not dispose of any shares in the latest IPO.