Two of China’s bubble tea giants are gearing up for IPOs
CNN
Two of China’s most popular bubble tea brands are preparing to go public.
Two of China’s most popular bubble tea brands are preparing to go public. Mixue Group and Guming Holdings — which are known for drawing crowds for their unique beverages, such as passionfruit pulp or grape and cheese-flavored teas — have applied for initial public offerings in Hong Kong, according to Tuesday stock exchange filings. The size of the offerings was redacted in each company’s filing. But on Wednesday, Reuters reported that Mixue, which bills itself as China’s largest bubble tea chain, is hoping to raise $500 million to $1 billion, while Guming is aiming to raise $300 million to $500 million, citing an unidentified source. Mixue declined to comment, while Guming did not immediately respond to a request for comment. Even though China is grappling with high economic uncertainty and low consumer confidence, affordable treats, such as going to the movies or cheap food and beverages, are seen as bright spots. The country’s bubble tea market is sizable. In 2023, the industry was estimated to be worth 145 billion yuan ($20.4 billion), according to a report by the China Chain Store & Franchise Association, an industry group.
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