(Bloomberg) -- China Resources Holdings Co.’s supermarket chain CR Vanguard has raised about $400 million in a private funding round ahead of its proposed initial public offering in Hong Kong, people with knowledge of the matter said. 

Country Garden Holdings Co. led the round, which also drew funds from ABC International and BOC International, said the people, who asked not to be identified as the information is private. CICC Capital also took part in the fundraising, they said.

Representatives for ABC International, BOC International, CICC Capital, Country Garden and China Resources didn’t immediately respond to requests for comment. 

China Resources is weighing an IPO for its supermarket business in Hong Kong that could raise as much as $2 billion, Bloomberg News reported last year. The Chinese conglomerate was looking to raise $300 million to $400 million for the grocery chain ahead of its public listing, which could take place as soon as 2022, people with knowledge of the matter said at the time.  

CR Vanguard, founded in 1984, has more than 3,240 self-owned stores across China with over 170,000 employees, according to its website. In addition to Vanguard, its brands also include Suguo and Ole as well as Tesco Express shops in the country.

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