Bubble tea chain Nayuki, also known as Naixue’s Tea in Chinese, plans to go for IPO listing in Hong Kong during the 1st quarter to raise up to US$500 million.
The Shenzhen-based firm has completed a new funding round that values the company at nearly US$2 billion.
Its owner, Shenzhen Pindao Restaurant Management has raised more than US$100 million in a series C funding with investors including Jack Ma’s Yunfeng Capital amongst others.
Bubble tea was once considered a fad which will last for a short period and then will fade away losing its market. Judging from the huge confidence in this segment, players are expecting bubble tea to be a mainstream product.