The Power Behind Mixue's IPO
Mixue Group, China's largest fresh-drinks chain, has launched Hong Kong's hottest initial public offering (IPO) on the strength of its supply chain and ultralow prices. The retail portion of the company's Hong Kong debut attracted more than HK$1.6 trillion (US$205.9 billion) in subscriptions, with retail investors borrowing nearly HK$1.8 trillion from brokerages to subscribe. By this metric, Mixue surpassed a record set by Ant Group's scuttled IPO in 2020 and Kuaishou Technology's share sale in 2021.
- The impressive scale of Mixue's procurement network raises questions about the long-term sustainability of its supply chain, particularly given the industry's reputation for volatile demand.
- How will the global dynamics of the beverage industry influence Mixue's growth prospects in emerging markets?