Davis Polk, Zhong Lun Law Firm, Freshfields and Jingtian & Gongcheng have assisted Mixue Group on the beverage company’s HKEX debut, raising HKD3.46 billion (USD449.8 million).
Davis Polk acted as Mixue’s Hong Kong and US counsel, while Zhong Lun acted as the issuer’s PRC counsel.
Freshfields advised eight underwriters, such as BofA Securities, Goldman Sachs and UBS Group, while Jingtian & Gongcheng advised them on PRC law.
Founded in 1999, Mixue Group is known for selling in-store made beverages, ice cream, and coffee at low prices. The prospectus says the company operates more than 45,000 stores in China and 11 overseas countries, including Indonesia and Vietnam, through franchises. The company’s net profit increased from RMB2 billion in 2022 to RMB 3.5 billion in 2024.
