Chinese private equity firm Capital Today seeks to sell its stake in chili-crab specialist Bi Feng Tang, which runs more than 100 restaurants across China.

The investment firm has hired an adviser to help find a buyer for its 28.5 per cent holding in Bi Feng Tang, reports Deal Street Asia, with an insider saying a deal could value the restaurant chain at as much as US$400 million.

Both parties have declined to comment.

Bi Feng Tang (which means “typhoon shelter”) failed in an attempt to list shares in Hong Kong about two years ago. Founded in Shanghai in 1998, the restaurant also offers other Hong Kong specialties including roasted goose, steamed dim sum and fried rice noodles with beef. It has about 8000 employees.