Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.


MIXUE IPO Trading - Strong Demand, Set to Break the Tea Chain Jinx

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Mixue Group plans to complete its IPO, selling 17.1 million shares at the IPO price of HK$202.50 per share. The IPO is expected to start trading on 3 March.</li>
<li>Our base case valuation of Mixue Group is implied market cap of HKD 96 billion or target price of HKD 254, which is 26% higher than the initial IPO price.</li>
<li>Our valuation sensitivity analysis suggests a range of HKD 206 to HKD 308 per share for Mixue Group. </li>
</ul>


Mixue Group plans to complete its IPO, selling 17.1 million shares at the IPO price of HK$202.50 per share. The IPO is expected to start trading on 3 March.
Our base case valuation of Mixue Group is implied market cap of HKD 96 billion or target price of HKD 254, which is 26% higher than the initial IPO price.
Our valuation sensitivity analysis suggests a range of HKD 206 to HKD 308 per share for Mixue Group. 


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a>, a world-leading manufacturer of freshly made drinks, is seeking to raise US$445 million through an HKEx IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mixue-group-2097-hk-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:177152" rel="noopener">MIXUE Group (2097 HK) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/mixue-group-2097-hk-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:177307" rel="noopener">MIXUE Group (2097 HK) IPO: The Bear Case</a>. </li>
<li>There are five cornerstone investors. Our valuation analysis suggests Mixue is attractively valued at the IPO price range. Therefore, we would participate in the IPO.</li>
</ul>



Mixue Group (2097 HK), a world-leading manufacturer of freshly made drinks, is seeking to raise US$445 million through an HKEx IPO.
We previously discussed the IPO in MIXUE Group (2097 HK) IPO: The Bull Case and MIXUE Group (2097 HK) IPO: The Bear Case. 
There are five cornerstone investors. Our valuation analysis suggests Mixue is attractively valued at the IPO price range. Therefore, we would participate in the IPO.


MIXUE Group (2097 HK) IPO: Valuation Insights

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a>'s IPO price of HK$202.5 looks attractive, as it is priced at 16.6x FY24 and 13.5x FY25 PER, below the mainland China peer average. </li>
<li>We estimate a P/B of 4.6x, putting it marginally lower than the sector best-fit line. We think there is potential for at least a 20-30% upside after the IPO. </li>
<li>MIXUE offers the possibility to participate in the spin-off of its overseas businesses in the medium term, which is explicitly spelt out as a plan.</li>
</ul>



Mixue Group (MIX HK)'s IPO price of HK$202.5 looks attractive, as it is priced at 16.6x FY24 and 13.5x FY25 PER, below the mainland China peer average. 
We estimate a P/B of 4.6x, putting it marginally lower than the sector best-fit line. We think there is potential for at least a 20-30% upside after the IPO. 
MIXUE offers the possibility to participate in the spin-off of its overseas businesses in the medium term, which is explicitly spelt out as a plan.


MIXUE Group (2097 HK) IPO: Reasonably Attractive Pricing

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a>  is offering 17.1 million shares at a price of HK$202.50 in its Hong Kong IPO aiming to raise up to HK$3.45 Bn.</li>
<li>The company demonstrated stellar growth in store count, revenue, and profits, focusing on the mass-market freshly made beverage segment despite a sector slow down in 2024.</li>
<li>Mixue’s pace of store expansion may slow down going forward, however its ultra-low prices (RMB4-10) and scale provide a strong foundation for long-term sustainable performance.</li>
</ul>



Mixue Group (MIX HK)  is offering 17.1 million shares at a price of HK$202.50 in its Hong Kong IPO aiming to raise up to HK$3.45 Bn.
The company demonstrated stellar growth in store count, revenue, and profits, focusing on the mass-market freshly made beverage segment despite a sector slow down in 2024.
Mixue’s pace of store expansion may slow down going forward, however its ultra-low prices (RMB4-10) and scale provide a strong foundation for long-term sustainable performance.


Mixue Group IPO: The Good, The Bad and Valuations

China

Guming Holdings Ltd operates as a holding company. The Company, through its subsidiaries, sells bubble tea.

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Guming Holdings (1364 HK)

MIXUE IPO Trading - Strong Demand, Set to Break the Tea Chain Jinx

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO, which was well covered. In this note, we talk about the trading dynamics.

Sumeet Singh

Mixue Group IPO Valuation Analysis

Our base case valuation of Mixue Group is implied market cap of HKD 96 billion or target price of HKD 254, which is 26% higher than the initial IPO...

Douglas Kim

MIXUE Group (2097 HK) IPO: Valuation Insights

Our valuation analysis suggests Mixue is attractively valued at the IPO price range. Therefore, we would participate in the IPO.

Arun George

MIXUE Group (2097 HK) IPO: Reasonably Attractive Pricing

MIXUE's IPO is attractive, priced below China's peer average with a potential for at least 20-30% upside post-IPO. Opportunity to participate in...

Osbert Tang, CFA

Mixue Group IPO: The Good, The Bad and Valuations

Mixue’s upcoming IPO valuations appear attractive, given robust growth track record, even amid a slowdown, and cost advantages that underpin long...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MIXUE IPO Trading - Strong Demand, Set to Break the Tea Chain Jinx

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO, which was well covered. In this note, we talk about the trading dynamics.

Sumeet Singh

Mixue Group IPO Valuation Analysis

Our base case valuation of Mixue Group is implied market cap of HKD 96 billion or target price of HKD 254, which is 26% higher than the initial IPO...

Douglas Kim

MIXUE Group (2097 HK) IPO: Valuation Insights

Our valuation analysis suggests Mixue is attractively valued at the IPO price range. Therefore, we would participate in the IPO.

Arun George

MIXUE Group (2097 HK) IPO: Reasonably Attractive Pricing

​MIXUE's IPO is attractive, priced below China's peer average with a potential for at least 20-30% upside post-IPO. Opportunity to participate in...

Osbert Tang, CFA

Mixue Group IPO: The Good, The Bad and Valuations

Mixue’s upcoming IPO valuations appear attractive, given robust growth track record, even amid a slowdown, and cost advantages that underpin long...

Devi Subhakesan

MIXUE's IPO is attractive, priced below China's peer average with a potential for at least 20-30% upside post-IPO. Opportunity to participate in...