By P.R. Venkat

Ming Yuan Cloud Group Holdings Ltd. plans to raise up to US$797 million through an initial public offering in Hong Kong, joining the list of Chinese companies seeking to tap the city's fundraising market.

The China-based provider of software solutions for property developers has begun taking orders from investors for its shares starting Monday, according to a term sheet seen by The Wall Street Journal.

Six cornerstone investors have committed to subscribe to US$276 million in shares. They include Singapore sovereign-wealth fund GIC Pte. Ltd., BlackRock Inc. and Fidelity International Ltd., the term sheet showed.

Ming Yuan intends to sell each share at HK$15.00-HK$16.50 (US$1.94-US$2.13), the term sheet showed. Pricing is expected on Sept. 18 with an aim to start trading on the Hong Kong exchange from Sept. 25.

Hong Kong's IPO market has been active in recent months, drawing several Chinese companies involved in businesses from pharmaceuticals to property to tobacco.

The city has hosted several multibillion-dollar offerings this year, including listings for online gaming company NetEase Inc. and e-commerce giant JD.com Inc.

Ming Yuan, which has operations in Tier 1 cities including Beijing and Shanghai, had revenue of 253.8 million yuan (US$37.14 million) in the quarter ended March, a 13% rise from a year earlier, an IPO application filed to the Hong Kong exchange in June showed. 



  Write to P.R. Venkat at venkat.pr@wsj.com