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China's largest bubble tea makers Mixue and Guming apply for Hong Kong IPO

China's leading bubble tea makers including Mixue Bingcheng and Guming are rushing to apply for first-time share sales in Hong Kong as companies in the fast-growing sector expand aggressively amid fierce competition.

Mixue Group and Guming Holdings, China's largest and second-largest freshly-made bubble tea chains by store count as of 2023, submitted applications for initial public offerings (IPO) in Hong Kong on Tuesday, Hong Kong Stock Exchange filings showed.

Mixue, which has roughly 36,000 stores, is looking to raise $500 million to $1 billion in its Hong Kong IPO, while Guming, with 9,000, is aiming to raise $300 million to $500 million, according to a source with direct knowledge of the matter.

Bubble tea is one of the few bright spots on the consumer front in China, with low-price operators doing particularly well.

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