Leading Chinese bubble tea seller Mixue Group passed its listing hearing with the Hong Kong Stock Exchange, according to its post-hearing information pack released last Friday. After achieving that key green light, the company plans to begin book-building by the end of this month and debut its shares in early March, raising approximately $500 million, Reuters reported.

According to its latest filing, Mixue had 46,479 stores at the end of last year and sold about 9 billion cups of its products in 2024, up about 21.9% year-on-year. The company’s terminal retail sales for the year totaled about 58.3 billion yuan ($8 billion), up 21.7%. For the first nine months of 2024, Mixue reported a net profit of 3.5 billion yuan, up 42.3% year-on-year.

Mixue competitor Guming (1364.HK) was listed on the Hong Kong Stock Exchange last Wednesday, becoming the first Chinese bubble tea company to debut on the exchange in nearly a year. Guming raised $220 million in its Hong Kong IPO, with the retail tranche oversubscribed nearly 195 times.

By Lee Shih Ta

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