Zheng Hui Plans IPO

Zheng Hui Industry Corporation plans to sell up to $20m of shares in an initial public offering to expand its duck-producing business.

China-based Zheng Hui said it is considering increasing its processing capacity from 25,000 ducks a day to 80,000.

The company intends to use about $12m of the proceeds to expand its business by either purchasing or equipping an existing production facility or constructing and equipping a new plant.

Zheng Hui also expects to spend $2m on site improvements, according to online.wsj.com.

The company reported a 16% profit fall in the first quarter, although revenue grew 21% to $9.3m.