Mixue Ice City Passes HKEx Hearing, Set to List on the Hong Kong Stock Exchange

On February 14, HKEx disclosed that Mixue Ice City has successfully passed the exchange hearing and is set to go public on the Hong Kong Stock Exchange.

 

Referred to as the "first stock of the national chain tea drinks," Mixue Ice City introduced in its latest prospectus that it is a leading global ready-to-serve beverage company, offering high-quality yet affordable drinks, including fruit beverages, tea drinks, ice cream, and coffee, with a unit price around 6 RMB (approximately 1 USD). The company operates under the "Mixue Ice City" and "Lucky Coffee" brands.

 

As of September 30, 2024, Mixue Ice City has expanded to over 45,000 stores globally, spanning 11 countries, including Indonesia, Vietnam, Japan and so on. According to a report by Foresight Consultancy, Mixue Ice City is the largest ready-to-serve beverage company by store count both in China and globally. In 2023, it ranked first in China and second globally by beverage volume, and first in China and fourth globally by retail sales.

 

In terms of production, Mixue Ice City operates five major production bases in Henan, Hainan, Guangxi, Chongqing, and Anhui, covering a total area of about 790,000 square meters. The company’s annual production capacity is approximately 1.65 million tons, producing a variety of ingredients such as sugar, milk, tea, coffee, fruit, grains, and additives.

 

In terms of financial performance, Mixue Ice City has demonstrated strong growth. From 2022 to the first nine months of 2024, the company reported revenues of 13.58 billion RMB, 20.3 billion RMB, and 18.66 billion RMB, with net profits of 2.01 billion RMB, 3.19 billion RMB, and 3.49 billion RMB, respectively.

 

In January 2024, Mixue Ice City submitted an updated application to the HKEx, which included financial data for 2023 and the first three quarters of 2024. This marks the company’s second attempt at a Hong Kong IPO. Previously, Mixue Ice City had submitted an A-share listing application to the China Securities Regulatory Commission in September 2022, but the application expired. In early 2024, the company switched its focus to the HKEx and filed a new listing application.

 

Looking forward, Mixue Ice City plans to continue expanding its store network across China. For its "Mixue Ice City" brand, the company aims to explore new markets and further penetrate existing ones. As for its "Lucky Coffee" brand, it will accelerate expansion nationwide. Internationally, the company plans to continue its focus on Southeast Asia, particularly Indonesia and Vietnam, while also exploring opportunities in other global markets.