Chinese theme park operator Haichang Holdings aims to raise up to $346m in a Hong Kong initial public offering in March. It will be the first Asian theme park operator to list.

Haichang, China's version of Sea World, is reportedly seeking $281m to $346m, with one billion shares on offer priced between HK$2.18 and HK$2.68.

The company said it would use 50 per cent of the proceeds towards developing Haichang Polar Ocean World in Shanghai, while another 40 per cent will be used to help build Sanya Haitang Bay Dream World.

The remaining 10 per cent will be employed as working capital and for other general corporate purposes.

Haichang operates theme parks in Dalian, Qingdao, Tianjin, Yantai, Wuhan and Chengdu, and also plans to acquire Dalian Discoveryland and Chongqing Caribbean Water Park by the end of the year.