(Bloomberg) -- Ting Hsin International Group, the Taiwanese food company behind the Master Kong brand, is weighing a Hong Kong initial public offering of its restaurant business in mainland China, people with knowledge of the matter said.

The firm has invited banks to pitch for a role on the listing, said the people, who asked not to be identified as the information is private. The Taiwanese company may include restaurant chains Dicos, a prominent fried chicken brand, and Master Kong Chef’s Table, which specializes in Taiwan-style beef noodles, in the Hong Kong listing, the people said. The IPO could raise about $800 million, one of the people said.

Deliberations are at an early stage and the company may decide not to pursue an IPO, the people said. A representative for Ting Hsin couldn’t immediately comment.

Dicos, a local rival to Yum China Holdings Inc.’s KFC, operates about 2,600 outlets across China and has more than 70,000 employees serving 600 million customers annually, according to a press release. The quick service restaurant chain announced in January that it has added plant-based egg substitute JUST Egg to its menu at over 500 locations in China.

Ting Hsin is a major shareholder in Tingyi (Cayman Island) Holding Corp., a Hong Kong-listed firm that sells Master Kong-branded noodles, teas and juices, and which is PepsiCo Inc.’s official partner in China.

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