Chinese bubble tea maker sets Hong Kong IPO financing record

Chinese beverage company Mixue Bingcheng's public offering subscription phase concluded on Wednesday, with the financing amount setting a new record for IPOs on the Hong Kong stock market.

In its current IPO, Mixue Bingcheng, headquartered in Zhengzhou, capital city of central China's Henan Province, plans to issue about 17.0599 million shares, with 1.706 million shares allocated to the Hong Kong public offering and 15.3539 million shares allotted to the international offering, at an offer price of 202.5 Hong Kong dollars (roughly 26.06 U.S. dollars) per share.

Mixue Bingcheng noted that proceeds from its Hong Kong IPO will be used to focus on supply chain enhancement, such as boosting Chinese production capacity, upgrading logistics agility, and establishing a global supply chain network to fuel overseas growth.

As of Dec. 31 last year, Mixue Bingcheng had a combined 46,479 stores at home and abroad -- with approximately 9 billion cups of beverages sold in 2024.

As of Sept. 30, 2024, the company had opened approximately 4,800 stores outside the Chinese mainland.