Chinese Milk Tea Chain Guming IPO in Hong Kong

(Photo by Nayuki Holdings)

[Asia Economy Reporter Yujin Cho] As Chinese authorities tighten regulations on overseas listings of domestic companies, Chinese milk tea chain Guming is pursuing an initial public offering (IPO) in Hong Kong.

On the 31st (local time), Bloomberg News reported, citing anonymous sources, that Guming is working on an IPO aiming for a listing next year.

Guming is expected to raise $300 million to $500 million (approximately 347.8 billion to 579.6 billion KRW) through this listing. The sources stated that the listing plan is tentative and details such as the scale and timing of the IPO may change.

Guming opened its first offline store in 2010 and currently operates over 5,000 stores within China.

According to PitchBook, Guming's major investors include Sequoia China, Dragonball Capital, and Kotu Management.

Previously, Nayuki Holdings, a premium bubble tea chain in China, withdrew its plan to list in New York and instead went public on the Hong Kong Stock Exchange in June this year.