Mixue Bingcheng IPO

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omaha

March 5, 2025

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Mixue Bingcheng

RIVAL ARRIVAL World largest fast food chain eyes America after kicking McDonald’s off top spot – menu items start at 15 cents (the-sun.com)

This boba chain you’ve never heard of has more outlets than McDonald’s (CNN Marketplace Asia)

China Bobba Tea, Milk Tea players (most contents are in Chinese, links for each store go to Wikipedia)

蜜雪冰城: 千亿餐饮 IPO，被时代选中的创业者 by 晚点LatePost (their website is not responding, so I just post their YT channel here). 2097.HK

喜茶 : last few years (2023, 2024) I noticed their store in Shanghai Hongqiao Hub (see below), after I listened to this Apple podcast. They (疯投圈) actually did two more episodes on milk tea – one and two. My impression is they are the high end, consider this as Starbucks of Chinese fruit tea. Btw, I know it’s useless but fun fact: do you know which area in Shanghai has the most coffee shops? (Hint, see this pop-up store inside Hongqiao Hub). Once I counted there are 7 well known coffee (brands) shops in the area: Starbucks, Canada’s Tim Horton (Tim’s), Man Coffee (Shanghai high end brand), Luckin coffee, etc.

古茗：晚点对话古茗王云安：得三四线者得天下 also by 晚点LatePost

霸王茶姬: 霸王茶姬（英语：CHAGEE）是一家中国茶饮连锁经营品牌，主打“原叶茶+鲜奶”的“鲜奶茶”饮品。霸王茶姬于2017年6月由张俊杰创立，品牌名称源自京剧经典曲目《霸王别姬》，标识为水墨风格的虞姬形象，主要售卖水果茶、奶茶等现制茶饮饮品。同年11月17日，首家门店在云南昆明五一路开业，其后发展为中国西南地区的知名茶饮品牌。2019年，开始进军海外，先后进入马来西亚、新加坡、泰国等东南亚市场。2021年6月，总部由昆明迁往成都。2021年9月，霸王茶姬对品牌进行升级改造，使用全新英文名称“CHAGEE”，标识改为白底红色的京剧花旦脸谱，参考奢侈品门店风格设计新门店，并加入中国古建筑中的榫卯结构，全国首家旗舰店在成都春熙路开业[1]。

茶颜悦色: 是中国湖南省长沙市的一个中式古风茶饮品牌，由吕良创立于2013年，经营着多家连锁茶饮店，目前仅在湖南、湖北、江苏、重庆开设分店[1]。茶颜悦色在制作茶饮时强调“中茶西做”，是长沙最受欢迎的本土茶饮店。在形象上，茶颜悦色的商标图、饮料名称、包装、店铺装修等都体现了传统的中国古典风格[2]。

茶百道: 2555.HK. 一年卖超10亿杯，会员超1亿：茶百道，要上市了.

2021年，奈雪的茶率先在港交所上市，成为“新式茶饮第一股” 2150.HK；2024年，茶百道也登陆港交所，成为“加盟制茶饮第一股”；今年2月，古茗完成了港交所挂牌上市 1364.HK。

I would be very careful buying any of their stocks.