China’s Bubble Tea giant eyes US$1 billion IPO in HK

China’s largest bubble tea chain, Mixue Bingcheng, is preparing for a US$1 billion IPO listing in Hong  in 2024. The decision to list in Hong Kong instead of mainland China, is attributed to actions taken by mainland China authorities to discourage food and beverage IPOs.

Mixue, which also sells ice cream sundaes, has more than 25,000 locations in China and 3,000 overseas.

Established in 1997, Mixue focuses on the low-end market by pricing most of its products below Rmb 10 (US$1.40).