Mixue Updates IPO Application for Hong Kong Stock Market

On January 1, 2025, according to documents from The Stock Exchange of Hong Kong, Mixue officially submitted updated listing application materials to the Hong Kong Stock Exchange, marking the start of the new year for tea beverage companies going public. The listing application is jointly sponsored by Bank of America Merrill Lynch, Goldman Sachs, and UBS Group, signaling Mixue’s renewed push into the Hong Kong stock market.

In its prospectus (Kapbook), Mixue disclosed several latest business data. As of September 30, 2024, through a franchise model, Mixue has over 45,000 stores in 11 countries in China and overseas, making it the world’s largest freshly made tea beverage company in terms of store count. This extensive store network achieved approximately RMB 22.8 billion in retail sales revenue in 2021; RMB 30.7 billion in 2022; RMB 47.8 billion in 2023; and RMB 44.9 billion for the first nine months of each year.

The listing application shows that in the first nine months of 2022, 2023, and 2024, Mixue achieved revenues of 13.6 billion yuan, 20.3 billion yuan, and 18.7 billion yuan respectively, with year-on-year growth rates of 31.2%, 49.6%, and 21.2%. In the same periods, Mixue’s net profits were respectively at 2 billion yuan, 3.2 billion yuan, and 3.5 billion yuan with year-on-year growth rates of 5.3%, 58.3% and 42 .3%.

It is worth noting that this is not the first time Mixue has submitted an IPO application to The Stock Exchange of Hong Kong. As early as January 2, 2024, Mixue had submitted an IPO application to The Stock Exchange of Hong Kong, but the application later became invalid. In addition, Mixue also submitted an A-share listing application to the China Securities Regulatory Commission in September 2022, but similarly failed to successfully list. However, Mixue has not given up on its plan to enter the capital market and has chosen to continue seeking breakthroughs in the Hong Kong stock market.

SEE ALSO: Mixue and Goodme Simultaneously Submit Applications to Hong Kong Stock Exchange

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