With over 46,000 stores globally, Mixue is one of the world’s largest F&B companies and will use the new funding to support further outlet growth, scale production capabilities and invest in marketing
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A Mixue outlet in Zhengzhou, China | Photo credit: Windmemories CC BY-SA 4.0
China’s largest bubble tea chain Mixue is seeking to raise $443.6m in an initial public offering (IPO) on the Stock Exchange of Hong Kong.
A regulatory filing dated 21 February 2025 shows that five cornerstone investors, including M&G Investments and Hillhouse Group, have subscribed for $200m worth of stock, with Mixue expected to be valued at $9.8bn. The bubble tea chain plans to sell 17.1 million shares at HK$202.50 ($26) each and will begin trading on 3 March 2025.
Mixue, which offersbubble teas, ice creams and coffees priced from $1.00, will use new funding to grow its store network, expand manufacturing capabilities and strengthen branding and marketing strategies.
Founded in Zhengzhou in 1997, Mixue is one of the largest F&B companies in the world and currently operates over 46,000 small-format stores across China and 11 international markets, including Vietnam, Indonesia and Australia.
Approximately 99% of its total stores globally arefranchised, with many outlets offering takeaway only. Unlike competitors such as ChaPanda, Guming and Chagee, which focus outlet growth in large cities, Mixue primarily expands in lower-tier cities where income levels are typically more modest.
ChaPanda and Guming raised $330m and $232m in their respective IPOs on the Stock Exchange of Hong Kong in April 2024 and January 2025.
In China, Mixue also operates the value-focused Lucky Cup coffee chain which has approximately 2,900 outlets. Lucky Cup, a competitor to market leaders Luckin Coffee and Cotti Coffee, retails coffee from RMB 6 ($0.83) per cup.