This photo taken on Aug 22, 2023 shows the Hong Kong Stock Exchange in Central, Hong Kong. (EDMOND TANG / CHINA DAILY)
MIXUE Group — a drinks company based in Zhengzhou, Henan province — submitted its listing application to the Hong Kong Stock Exchange on Tuesday, with plans to go public on the main board.
With 26 years’ experience, MIXUE Group boasts two major brands — Mixue for tea drinks and Lucky Cup for coffee products, and specializes in value-for-money freshly-made fruit drinks, tea drinks, ice cream and coffee, priced at around $1 per item. On Dec 18, the group’s flagship brand, Mixue, opened its first Hong Kong store in densely-populated Mong Kok.
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In 2022 and during the first nine months of 2023, MIXUE Group achieved revenues of 13.6 billion yuan ($1.9 billion) and 15.4 billion yuan respectively, increasing 31.15 percent and 46 percent on yearly basis
As of the end of September 2023, the company had established a network of 36,000 stores, securing its position as the industry leader on the Chinese mainland. More than half of its stores are located in third-tier cities and below, targeting the untapped low-tier markets.
In 2022 and during the first nine months of 2023, the group achieved revenues of 13.6 billion yuan ($1.9 billion) and 15.4 billion yuan respectively, increasing 31.15 percent and 46 percent on yearly basis. In the same periods, its net profits were 2 billion yuan and 2.5 billion yuan, showing year-on-year growth of 5.3 percent and 51.1 percent.
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MIXUE Group plans to use the funds raised primarily for capacity expansion, upgrading existing facilities, improving the flexibility and efficiency of its logistics system, and expanding its overseas business. The funds will also be used for IP development, marketing, and the enhancement of digitization and intelligence capabilities.
Also on Tuesday, Guming Holdings — another mainland-based brand in the freshly-made beverages industry — submitted its listing application to the Hong Kong Stock Exchange.
