BRIEF: Guming passes Hong Kong listing hearing in bubble tea race to market

Bubble tea chain operator Guming Holdings Ltd. has passed its Hong Kong listing hearing, clearing the last major regulatory hurdle before its planned IPO, according to information from the Hong Kong Stock Exchange.

A post-hearing document from Guming, filed on Sunday, shows the company reported 6.44 billion yuan ($878 million) in revenue during the first three quarters of last year, up 15.6% year-on-year. Its profit for the period rose 11% to 1.1 billion yuan, and the company had 9,778 stores at the end of September.

Guming is poised to become the third Mainland Chinese bubble tea maker to be listed in Hong Kong after Nayuki (2150.HK) and Chabaidao (2555.HK). Mixue, the nation’s largest operator, and major regional player Auntie Jenny, have also applied to list in Hong Kong, and their applications are still pending.

By Lau Chi Hang

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