BRIEF: Mixue clears Hong Kong listing hearing, aims for early March debut

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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