Leading Chinese tea chain MIXUE (2097.HK) is aiming to go public next week and raise $444 million, the latest in a flurry of Hong Kong consumer IPOs. The company ranks among China’s largest beverage chains, with over 40,000 stores in the country, as well as nearly 5,000 more abroad. MIXUE’s IPO follows those of several close peers, including Guming (1364.HK, +25% from IPO), which raised $233 million in its February listing, and Chabaidao (2555.HK, -39%), which raised $330 million last April.
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Hong Kong’s IPO market is starting to awaken after a multi-year slumber. After rebounding 18% in 2024, the Hang Seng Index has started 2025 on a very strong note, up +21% YTD, and Chinese regulators have pushed for more mainland-listed names to pursue Hong Kong debuts. Meanwhile, many recent consumer IPOs in the city have soared, including home appliance giant Midea (300.HK, +40%), which raised nearly $3.5 billion last fall in its H-share IPO. The city’s latest listings have also attracted a blitz of attention from retail investors, with some retail tranches thousands of times oversubscribed, including MIXUE’s.
Source: Renaissance Capital. Includes Hong Kong IPOs that have raised at least $100mm.MIXUE has posted multiple years of strong topline growth (+21% in 9mo24), driven by a franchise-based model that enables large-scale expansion at a low cost. However, the company’s same-store growth has fluctuated recently (-0.6%). MIXUE has staked out a leading position in China’s highly-crowded drinks market, which is projected to grow at a 22% CAGR through 2028. While China’s economic expansion has slowed in recent years, MIXUE competes in a budget-conscious market segment, boasting freshly-made drinks that typically retail for about only $1. The company has also begun expanding in Southeast Asia, where it now franchises thousands of stores.
Hong Kong’s consumer IPO pipeline has grown in recent months, and many names are likely watching MIXUE’s listing. Notable candidates include condiment maker Haitian, carmakers Hozon and Chery Automobile, and collectible card maker Kayou.
