Two mainland tea chains file for IPOs in Hong Kong
China's biggest tea chain MIXUE and its rival Good Me have filed to go public in Hong Kong. MIXUE has selected Bank of America, Goldman Sachs and UBS to arrange its listing, and is expected to raise around HK$7.8 billion, according to Bloomberg. The Zhengzhou-based chain, which sells ice cream and a variety of drinks, has more than 36,000 stores across the mainland and 11 other countries, including Vietnam, Indonesia and Japan.  It sold more than 21 million drinks a day in the first nine months of last year. Good Me, meanwhile, has selected Goldman Sachs and UBS as its fundraising sponsors and is expected to raise around HK$2.3 billion, Bloomberg said. The drinks company, which was founded in Zhejiang province in 2010, has just over 9,000 stores across the mainland. The two companies are among at least six tea chains reportedly planning a Hong Kong IPO this year in the face of enhanced regulatory security on the mainland, with authorities issuing guidelines discouraging certain types of companies from listing in the A-share market. MIXUE filed for a 6.5 billion yuan Shenzhen IPO in 2022, before that was put on hold.