The well-known mainland beverage brand Mixue Ice Cream & Tea has re-submitted its IPO application to the Hong Kong Stock Exchange on the first day of 2025, becoming the first company to enter the Hong Kong IPO market this year. This move marks the company's restart of its Hong Kong listing plan after postponing it last year.

According to Mixue Ice Cream & Tea's prospectus, the company is currently focusing on "lower-tier markets," offering products such as fruit drinks, tea, ice cream, and coffee at an average price of about 6 RMB. As of the end of September last year, Mixue Ice Cream & Tea had achieved a beverage output of 7.1 billion cups, with an average retail value per order of 11.4 RMB. The company has rapidly expanded its network through a franchise model, boasting over 45,302 stores by the end of September last year, an increase of more than 9,000 stores compared to the previous year, making it the largest ready-to-drink beverage company in China and globally.

However, Mixue Ice Cream & Tea's path to IPO has not been smooth. Last year, due to insufficient consumer confidence in mainland China and the poor performance of peers listed in Hong Kong, the IPO plans for Mixue Ice Cream & Tea and its competitors, Gu Ming and Hu Shang A Yi, were delayed by the China Securities Regulatory Commission (CSRC). The listing applications submitted by these three companies at the beginning of last year expired after more than six months, and they only refiled their applications in December, aiming to break the deadlock in the Hong Kong IPO market.

Notably, among these three beverage companies, only Cha Bai Dao successfully went public in April last year, but its stock price plummeted nearly 27% on the first day of trading. This situation became a primary reason for regulatory authorities to suspend the listing plans of other beverage brands.

In addition to restarting its IPO plan, Mixue Ice Cream & Tea is also continuously expanding its market presence in Hong Kong. According to the latest data, as of the end of September last year, the brand had over 45,000 stores worldwide, covering China and 11 overseas countries, including Indonesia, Vietnam, and Malaysia. The company has opened more than 40,000 stores in mainland China, spanning 31 provinces, while revenue from overseas continues to grow gradually. With the recovery in market demand and the expansion of brand influence, Mixue Ice Cream & Tea’s Hong Kong IPO is expected to inject new momentum into its future development.