On February 21, China's leading fresh beverage company Mixue Group (02097.HK) has started its IPO, with an entry fee of HKD 20,454.22.

Mixue Group: A Leading Fresh Beverage Company in China

Offering Ratio: The company plans to globally offer 17.0599 million H shares, with 10% allocated for the Hong Kong offering and 90% for the international offering, along with an over-allotment option of 15%.

Offering Price: The issue price is HKD 202.5 per share, with a minimum purchase of 100 shares, resulting in an entry fee of HKD 20,454.22.

Offering Period: February 21 - February 26

Listing Date: March 3

IPO Sponsors: Bank of America Merrill Lynch, Goldman Sachs, UBS

(Source: Mixue Group Prospectus)

Company Profile

Mixue Group is a leading fresh beverage company focused on providing high-quality and affordable fresh fruit drinks, tea, ice cream, and coffee, with an average price of approximately RMB 6 (about USD 1) for consumers. The company operates the fresh tea brand "Mixue Ice City" and the freshly brewed coffee brand "Lucky Coffee." As of September 30, 2024, the company has developed a network of over 45,000 stores through a franchising model, covering 11 countries in China and overseas. During the performance record period, the company's revenue primarily comes from selling store materials (including ingredients and packaging) and equipment to franchisees. Geographically, the focus is mainly on China, with relatively low revenue from overseas markets. In 2023 and for the nine months ending September 30, 2024, the store network achieved approximately 7.4 billion and 7.1 billion beverage servings, respectively. According to a report by ZhiZhi Consulting, based on the number of stores as of September 30, 2024, the company is the largest fresh beverage enterprise in China and globally. Based on beverage serving volume in 2023, it ranks first in China and second globally among fresh beverage companies.

Financial Information

During the performance record period, the revenue and gross profit from Mixue Group's fresh tea brand "Mixue Ice City" accounted for over 95% of its total revenue and gross profit. From 2021 to 2023, Mixue Group reported revenues of RMB 10.351 billion, RMB 13.576 billion, and RMB 20.302 billion, respectively. During the same period, net profits were RMB 1.912 billion, RMB 2.013 billion, and RMB 3.187 billion, with gross profit margins of 31.3%, 28.3%, and 29.5%, respectively.

You can subscribe to the new Hong Kong IPO through uSMART HK

The uSMART HK app features a dedicated IPO center, offering exclusive promotions for customers to subscribe to public offerings in real time. After logging in the uSMART HK APP, select the transaction at the bottom right, click "IPO Subscription", select the IPO you want to subscribe, click "Public Subscription", fill in the subscription number and send the order.

（Source: uSMART HK）