BRIEF: Mixue’s Hong Kong IPO gets green light from China’s securities regulator

The China Securities Regulatory Commission (CSRC) on Tuesday said that Mixue Group has completed the registration for its Hong Kong listing, clearing a key regulatory hurdle for an IPO by China’s largest bubble tea chain.

Mixue plans to sell up to 73 million of its ordinary shares in the listing, according to the notice on the securities regulator’s website. Twelve of its shareholders also plan to convert a combined 131 million of their ordinary shares into H-shares that would become eligible for trading in the future Hong Kong listing.

Mixue is China’s largest bubble tea chain with more than 40,000 stores in China at the end of last September, and another 4,800 overseas. The company originally applied to list in early 2024, but the plan was delayed after the CSRC imposed a temporary ban on new bubble tea IPOs. The regulator lifted that ban last month. Mixue must still pass a listing hearing with the Hong Kong Stock Exchange before it can launch the IPO.

By Doug Young

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