China Largest Tea-Makers File for Hong Kong IPO: Ice-Cream & Iced Tea Mixue Group to Raise $500 Million to $1 Billion, Milk Tea Good Me Guming Holdings to Raise $300 Million to $500 Million
5th January 2024 | Hong Kong
China largest tea-makers have filed for Hong Kong IPO – Ice-cream & iced tea Mixue Group to raise $500 million to $1 billion, and milk tea (Good Me) Guming Holdings to raise $300 million to $500 million. Mixue Group is founded by Zhang Hongchao in 1997 (Henan, China). Guming Holdings is founded by Yun’an Wang (Zhejiang, China). More info below:
” China Largest Tea-Makers File for Hong Kong IPO: Ice-Cream & Iced Tea Mixue Group to Raise $500 Million to $1 Billion, Milk Tea Good Me Guming Holdings to Raise $300 Million to $500 Million “
China Largest Tea-Makers File for Hong Kong IPO: Ice-Cream & Iced Tea Mixue Group to Raise $500 Million to $1 Billion, Milk Tea Good Me Guming Holdings to Raise $300 Million to $500 Million
Mixue Group
We are a world-leading freshly-made drinks company. We are committed to providing high-quality value-for-money (高質平價) products to consumers, including freshly-made fruit drinks, tea drinks, ice cream and coffee, typically priced around one U.S. dollar (approximately RMB6) per item. We have two major brands – freshly-made tea drinks brand Mixue and freshly-made coffee brand Lucky Cup. Through a franchise model, we have cultivated a network of over 36,000 stores spanning China and 11 overseas countries as of September 30, 2023. During the nine months ended September 30, 2023, approximately 5.8 billion cups of drinks were sold through our store network. We are China’s largest, and the world’s second largest freshly-made drinks company, in terms of both number of stores as of September 30, 2023, and number of cups sold during the nine months ended September 30, 2023, according to CIC.
- In 1997, Mr. Zhang Hongchao, our founder and chairman of the Board, set out to open a small store named Coldsnap Shaved Ice “寒流刨冰” in Zhengzhou, China. With a homemade shaved ice machine, Mr. Zhang Hongchao embarked on the entrepreneurial journey in the realm of freshly-made drinks. In 1999, the Chinese brand name “蜜雪冰城” (Mi Xue Bing Cheng) was officially introduced – a name that signifies blissful sweetness and refreshing coolness.
- In 2005, Mr. Zhang Hongchao crafted an ice cream cone (now our Fresh Ice Cream) through continuous experiments and refinements, using ingredients including milk, eggs, corn flour and sugar while priced at only RMB1 (approximately US$0.15). This Fresh Ice Cream was an instant hit and became our inaugural signature product. In 2007, Mixue’s first Fresh Ice Cream specialty store was opened. Over time, with ingredient upgrades and recipe refinements, Fresh Ice Cream, now priced at only RMB2 (approximately US$0.30), continues to captivate consumers. During the nine months ended September 30, 2023, approximately 442 million cups of Fresh Ice Cream were sold through our store network in China, solidifying its position as one of the best-selling items in China’s freshly-made drinks industry. The success of Fresh Ice Cream is a living testament to our commitment to offering high-quality products with value for money for over 20 years.
- In 2007, Mr. Zhang Hongfu, our co-founder and chief executive officer, joined our venture. Leveraging his successful first-hand experience in operating stores, Mr. Zhang Hongfu formulated a standardized system for store operations and management, which we subsequently rolled out through a franchise model. As we promoted and enhanced our franchise business model, Mr. Zhang Hongfu continued to hone core capabilities that are crucial to such model, covering brand building, store operations, marketing, and product management. Similar to our franchisees who are themselves entrepreneurs building a business from the ground up and standing at the forefront of store operations, Mr. Zhang Hongchao and Mr. Zhang Hongfu empathize profoundly with our franchisees, and adhere to the alignment of interests with them. This empathy enables us to continuously expand our franchise network, achieve an unparalleled scale of store network, and deliver a consistently compelling consumer experience. As of September 30, 2023, we had over 16,000 franchisees. According to the CIC Survey, approximately 98% of surveyed franchisees acknowledge our commitment to an interest-aligned, mutually beneficial relationship that caters to their needs. Additionally, more than 92% of surveyed franchisees would recommend our franchise opportunity to their friends and relatives.
Guming Holdings
We are a leading and fast-growing freshly-made beverage company in China, dedicated to serving fresh, tasty and value-for-money beverages of consistently high quality. Our brand, “Good me (古茗),” is China’s largest mid-priced freshly-made tea store brand and the second largest freshly-made tea store brand across all price ranges, in terms of both GMV in 2023 and store count as of December 31, 2023, according to the CIC Report. In 2023, we generated a gross merchandise value, or GMV, of RMB19.2 billion, representing an increase of 37.2% from 2022. Our store network encompassed 9,001 stores as of December 31, 2023, representing an increase of 35.0% from December 31, 2022, making us one of the top five freshly-made beverage brands globally in terms of store count as of December 31, 2023.
Over a decade ago, Mr. Yun’an Wang, our founder, opened the first “Good me” store in his hometown Daxi, a small town in Zhejiang. There, consumers had limited access to freshly-made tea beverages with fresh fruits and other quality ingredients, largely due to the underdeveloped supply chain infrastructure in these typical lower-tier markets. With a firm belief that the freshly-made beverage industry will evolve towards greater preference for fresh ingredients, Mr. Wang embarked on a journey to serve freshly-made tea beverages made from quality ingredients with short shelf-life distributed through our industry-leading cold-chain delivery. Along our way, the persistent efforts to serve lower-tier markets have given us deep consumer and market insights, which, together with our leading operating efficiency, enabled us to serve high-quality beverages at affordable prices for the daily consumption of consumers.
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