Leading Chinese bubble tea giant Mixue Group has cleared its listing hearing with the Hong Kong Stock Exchange and is now preparing for its public debut. The company, known for its vast network of bubble tea stores, intends to begin book-building by the end of this month, aiming for an early March launch. It seeks to raise approximately $500 million from the offering.
As of the end of 2024, Mixue boasted a remarkable 46,479 stores and sold nearly 9 billion cups of its bubble tea, marking a 21.9% year-on-year growth. Its total retail sales for the year reached approximately 58.3 billion yuan ($8 billion), an increase of 21.7%. The company reported a net profit of 3.5 billion yuan for the first nine months of 2024, up 42.3% compared to the previous year.
Mixue’s upcoming listing follows the successful debut of its competitor, Guming, which raised $220 million in its IPO last week, becoming the first Chinese bubble tea brand to list on the Hong Kong Stock Exchange in almost a year.
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