Chinese bubble tea maker Mixue Group plans to raise about US$500 million from its Hong Kong initial public offering (IPO) after peer Guming Holdings completed a US$232 million upsized share sale in the city.

China's largest bubble tea firm, Mixue Group, will begin bookbuilding for its Hong Kong initial public offering by the end of February to raise about $500 million, according to three sources with direct knowledge of the matter.

Guming says it targets smaller cities where bubble tea is not as readily available and growth outpaces that of megacities. Read more at straitstimes.com.

Wang Yun’an, the 38-year-old founder of Chinese milk tea company Guming Holdings, has become a billionaire after the chain listed in Hong Kong on Wednesday.

Guming Holdings’ US$233 million Hong Kong initial public offering (IPO) bolstered the value of the stake owned by its millennial founder, Yun’an Wang, to US$1.2 billion, according to the Bloomberg Billionaires Index. Shares were sold at HK$9.94 each in the IPO.

Guming Holdings Ltd.’s Chief Financial Officer Hailing Meng tells The China Show about the bubble tea maker's expansion plans and its secret sauce in a fierce market following a $233 million Hong Kong IPO.

China's top bubble tea company, Mixue Group, is preparing to start bookbuilding for its initial public offering (IPO) in Hong Kong. The company aims to raise approximately $500 million, according to three informed sources.