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China’s producer of the US$1 Mixue bubble tea, has recently filed for IPO after reporting huge success in overseas markets like Kyrgyzstan and Uzbekistan.
Mixue Bingcheng Co, the owner of Mixue brand of tea and ice cream franchise, has reportedly outgrown its rivals to become the top bubble tea brand in China. It also holds trademarks in more than 2 dozen other markets including the US, Europe and Japan.
As of now, Mixue has a valuation of Rmb 20 billion (US$2.8 billion) outperforming luxury bubble tea companies such as Nayuki’s Tea and Hey Tea. In 2021, Mixue reported Rmb 10.3 billion (US$1.4 billion) in revenue.
Mixue strategy is to operate stores in small towns with lower disposable incomes and it focuses mainly on the takeaway segment.
