Good Me bubble tea operator Guming eyes to raise $200M in public offering

By Dat Nguyen   February 4, 2025 | 06:16 pm PT
China’s bubble tea company Guming Holdings has announced plans to raise up to HK1.58 billion (US$200 million) through an initial public offering in Hong Kong.

The company, which operates under the Good Me brand, will offer nearly 159 million shares between HKD8.68 and HKD9.94, according to its filings to The Stock Exchange of Hong Kong on Tuesday.

GoodMe bubble tea cups. Photo by Instagram/thatbubbleteablog

GoodMe bubble tea cups. Photo by Instagram/thatbubbleteablog

The final price will be determined by Friday, and the stock is expected to begin trading on the exchange on Feb. 12.

Five investors led by Tencent subsidiary Huang River have subscribed to the IPO for up to $71 million worth of Guming stock, the filings showed.

Guming intends to use the IPO proceeds to enhance its information technology infrastructure, digitalize business management and store operations, and recruit IT professionals through 2028 – adding around 100 IT staff annually.

Guming has 9,000 stores across mainland China and had previously aimed to raise up to $500 million via a Hong Kong listing, Reuters reported.

The company's IPO application lapsed in 2024 after six months of waiting for regulatory approval.

Its competitor Mixue’s IPO plans were also put on hold last year as regulators were concerned about the after-market performance of peers which have already been listed.

 
 
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