Guming Holdings Limited, a prominent milk tea chain store in Mainland China, has formally applied for a listing on the Hong Kong stock exchange. The highly-anticipated move is backed by prestigious sponsors, namely Goldman Sachs and UBS.
According to the company’s prospectus, Guming holds the distinction of being the largest mass-market ready-made tea and beverage store brand in China, based on last year’s Gross Merchandise Value (GMV) and the total number of stores as of the year-end. It also secures the position of being the second-largest brand in the ready-made tea and beverage store segment in China when considering the full-price category.
The financials presented in the prospectus reveal robust performance for Guming. In the first nine months of the previous year, the company raked in an impressive RMB 5.57 billion in revenue, marking a substantial 33.9% year-on-year growth. Additionally, Guming recorded a profit of RMB 1 billion during the same period, showcasing a remarkable 2.6-fold year-on-year growth.
Rumors circulating in foreign media outlets last year had hinted at Guming’s intentions to go public in Hong Kong, aiming to raise a substantial amount of capital, specifically around US$300 million (approximately HK$2.34 billion).
The move to file for a Hong Kong listing positions Guming as a significant player in the thriving Chinese ready-made tea and beverage market, indicating the company’s confidence in its continued growth and success.
