Chinese chain selling bubble tea for under $1 soars 40% in Hong Kong debut

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Financial Times 21h ago

Chinese chain selling bubble tea for under $1 soars 40% in Hong Kong debut - Financial Times

Quick Summary:

Launched in 1997 with a single shop in the central Chinese city of Zhengzhou, Mixue has quadrupled the number of its stores since 2020.

Shares rose to HK$283 ($36), compared with an offering price of HK$202.50, in a listing that raised $444mn and attracted a rush of demand from retail investors.

China’s market for freshly made non-alcoholic drinks was worth Rmb517.5bn ($71bn) in 2023 and is forecast to surpass Rmb1bn by 2027, according to Mixue’s prospectus.