Chinese bubble tea maker clears Hong Kong Stock Exchange listing hearing

Chinese beverage company Mixue Bingcheng cleared the listing hearing of the Hong Kong Stock Exchange and disclosed its post-hearing prospectus on Friday, marking another step closer to its listing on the Hong Kong stock market.

Mixue Bingcheng owns a made-to-order tea brand with the same name as the company and the freshly brewed coffee brand Lucky Cup, focusing on providing high-quality and affordable beverages, ice cream, and coffee to a wide range of consumers.

As of December 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.

A report by China Insights Consultancy, an independent industry consulting platform, said that based on its number of stores as of September 30, 2024, Mixue Bingcheng is the world's largest made-to-order beverage company.

According to the company's prospectus, its terminal retail sales increased from 30.7 billion yuan (US$4.3 billion) to 58.3 billion yuan in the period from 2022 to 2024. Meanwhile, in the first nine months of 2024, Mixue Bingcheng's revenue and net profit totaled 18.7 billion yuan and 3.5 billion yuan, respectively, representing respective year-on-year growth of 21.2 percent and 42.3 percent.