The Chinese mainland's popular hot pot chain Haidilao will stand at a listing hearing for formal approval of an initial public offering on the Hong Kong stock exchange next Thursday, Beijing Business Today reported.

A listing hearing is required procedure for any company planning an initial public offering in Hong Kong. In this process, the bourse's listing committee will review the application and determine if it is suitable to proceed with its IPO.

The size of IPO is set in a range of $9-12 billion, which represents a price-to-earnings ratio of 22-28 times based on 2019 predicted net profit.

The main underwriters are Goldman Sachs and CMB International, while cornerstone investors have not yet been finalized. Haidilao is expected to choose an international long-term fund, a sovereign fund and a large China-invested fund to be its cornerstone investors.

Haidilao submitted its prospectus to the Hong Kong stock exchange in May and plans to list in mid-to-late September.

According to the prospectus, the restaurant chain saw 10.6 billion yuan ($1.66 billion) in revenue in 2017, almost doubling year-on-year. Its net profit reached 1.19 billion yuan, up 36.2 percent from 2016.

Haidilao, which was founded in Sichuan province in 1994 and best known for its extraordinary customer service, has 273 restaurants nationwide, more than double the number in 2015. In its prospectus, Haidilao said it will soon have 320 restaurants when it is listed in Hong Kong.

Last month, Haidilao said on Chinese microblogging platform Weibo it will open a branch in the center of London. At present, the store is undergoing preparations. The branch will be in the Trocadero Centre on Shaftesbury Avenue, between Piccadilly Circus and London's Chinatown.