BEIJING, January 4 (TMTPost)— China's top two bubble tea makers--Mixue Group and Guming Holdings Limited coincidentally filed for initial public offering (IPO) in Hong Kong the same day.

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With BofA Securities, Goldman Sachs and UBS as joint sponsors, Mixue Group resumed its listing plan. The company originally submitted application in September 2022, seeking to raise about RMB6.5 billion (US$909.87 million) on Shenzhen Stock Exchange. Six months later, the IPO application was put on hold after China started to expand the registration-based IPO mechanism to all domestic stock exchanges. Mixue was said to suspend IPO plan due to Chinese regulator’s attempt to curb companies in certain sectors such as food, restaurant chains to list on the country’s main stock exchanges under the new mechanism, an effort to channel funding into strategic industries.

Zhengzhou-based Mixue is committed to providing quality value-for-money freshly-made fruit drinks, tea drinks, ice cream and coffee to consumers, typically priced around RMB6.00 (US$1.00) per item. Through expansion in 26 years,  Mixue has developed a network of over 36,000 stores at home and abroad as of September 30 2023, including approximately 4,000 stores in 11 overseas markets, according to a filling with the Hong Kong Stock Exchange (HKEX) on Tuesday. Duing nine months ended September 2023, about 5.8 billlion cups of drinks were sold through Mixue’s store network, thus making it China’s largest and the world’s second largest freshly-made drinks maker, in terms of both number and stores and cups sold, according to CIC.

In the filling, Mixue said it achieved strong peformance with robust grwoth, high profitability and ample cash flows on top of a large scale in the past several months. In the first nine months of 2023, Gross merchandises value (GMV) generated through store network amounted to RMB37.0 billion, exceeding the full year of 2022’s RMB30.0 billion. Revenue in the nine months increased 46.0% year-over-year (YoY) to RMB15.4 billion, compared with annual revnue of RMB13.6 billion in 2022 with a grwoth of 31.2%. Net profit for the year 2022 edged 5.3% YoY to RMB2.0billion and profit during the nine months ended September 2023 totaled RMB2.5 billion, up 51.1% YoY.    

Another filling with HKEX on Tuesday showed Guming has appointed GoldmanSachs and UBS as its fundrasing joint sponsors. Guming’s Good me is China’s largest mid-priced freshly-made tea store brand and second largest freshily made tea store brand across all price ranges, in terms of both GMV in 2023 and store count as of December 31 2023, according to CIC. The company generated GMV of RMB19.2 billion in 2023, increasing 37.2% from 2022. The store network boasts 9,001 stores as of December 31 2023, representing an increase of 35% YoY. The figure made Guming one of the top five worldwide freshly-made beverage brands in terms of store count as of December 31 2023.

Guming’s revenue mainly comesfrom sales of goods and equipment and the provision of servies of franchisees. The Zhejiang province-based company has experienced stellar growth these years. Revenue increased 26.8% YoY to RMB5.59 billion in 2022, up from RMB4.38 billion in 2022, and revenue during the first nine months of 2023 surged 33.9% YoY to RMB5.57 billion. Profit from January to September 2023 totaled RMB1.0 billion, more than a threefold increase from that of RMB275.5 million a year earlier. The non-IFRS adjusted profit in the first nine months of 2023 reached RMB1.04 billion, compared with RMB603.2 million the same period of 2022.

Mixue and Guming are among at least six tea chains reportedly planning Hong Kong listing this year. The former is looking to raise US$500 million to US$1 billion through its IPO, while Guming aims to raise US$300 million to US$500 million, Reuters cited a source with knowledge of the matter.

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