[Asia Economy Reporter Yujin Cho] Chinese native coffee chain Manner Coffee is reportedly planning an initial public offering (IPO) in Hong Kong, Bloomberg News cited sources on the 13th (local time).
The IPO is expected to raise at least $300 million (approximately 357.1 billion KRW). Sources said, "Manner Coffee is in talks with investment banks aiming for a listing next year."
The sources added, "The listing discussions are still in the early stages, and specific details such as the size, timing, and share sale ratio may change."
Manner Coffee is a Chinese coffee brand headquartered in Shanghai. It started as a street coffee vendor in 2015 and currently operates 137 stores in Shanghai alone, with an additional 14 stores opened in Beijing, Chengdu, and Shenzhen.
Manner Coffee has received investments from ByteDance, the owner of TikTok, and Meituan, a food delivery company.
Foreign media outlets including Bloomberg reported that Chinese native coffee chains such as Manner Coffee, HeyTea, and Gu Ming are actively seeking external funding through IPOs and other means.
U.S. economic media CNBC stated, "Chinese investors are investing more in local native coffee brands rather than Starbucks," and added, "Starbucks is expected to face intensified competition with local brands in China, its largest market outside the United States."
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