External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Positioning across key consumer stocks stabilized in the two weeks ended 8 Sep.</li><li>Average short interest inched up 0.1pp to 8.8% of free float, near 6-month highs.</li><li>Days to cover (DTC) eased to 8.3 days from 8.5 as turnover normalised post the interim earnings season (Figure 2). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Positioning across key consumer stocks stabilized in the two weeks ended 8 Sep.Average short interest inched up 0.1pp to 8.8% of free float, near 6-month highs.Days to cover (DTC) eased to 8.3 days from 8.5 as turnover normalised post the interim earnings season (Figure 2). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary - Bi-Weekly Flow Monitor: Shorts Rotating to Franchise Chains;

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Both the revenue growth rate and the store number growth rate accelerated in 2025.</li>
<li>We believe the new CEO was appointed to explore the overseas market.</li>
<li>We set an upside of 47% and a price target HK$500 for the next twelve months.</li>
</ul>


Both the revenue growth rate and the store number growth rate accelerated in 2025.
We believe the new CEO was appointed to explore the overseas market.
We set an upside of 47% and a price target HK$500 for the next twelve months.


Mixue (2097 HK): 2025, Store Number and Revenue Accelerating, New CEO for Overseas Market

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<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 in March 2025. The lockup on its founders and pre-IPO investors is set to expire today.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire today.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: MIXUE IPO Lockup - US$1.8bn Pre-IPO Shareholder Release

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 (2097 HK)</a>'s  expiry of one-year lock-ups covering pre-IPO shareholders  will materially increase the tradable float and likely near-term liquidity.</li>
<li>The recent 18% share price decline possibly reflects investor concern that early shareholders, sitting on substantial gains, may monetise holdings, creating technical supply pressure.</li>
<li>The forthcoming FY2025 results announcement (end March)  can be critical in resetting earnings visibility and forward guidance. Stock trading at lower end of peer valuation range.</li>
</ul>



Mixue Group (2097 HK)'s  expiry of one-year lock-ups covering pre-IPO shareholders  will materially increase the tradable float and likely near-term liquidity.
The recent 18% share price decline possibly reflects investor concern that early shareholders, sitting on substantial gains, may monetise holdings, creating technical supply pressure.
The forthcoming FY2025 results announcement (end March)  can be critical in resetting earnings visibility and forward guidance. Stock trading at lower end of peer valuation range.


Mixue Group: Lock-Up Expiry. Stock Slides 18% in a Month. Likely Limited Downside

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The materials, healthcare, and tech sectors are leading the Hong Kong market out of its consolidation pattern, with January shaping up to be one of the best in years.</li>
<li>China and Hong Kong ETF flows were the strongest in Asia during 2025 posting significant inflows throughout the year although Korea had the most significant increase at 600%.</li>
<li>
<a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> share price plunged after it announced an investigation into its monopolistic business practices. <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a> shares jumped after the founder returned as CEO.
</li>
</ul>


The materials, healthcare, and tech sectors are leading the Hong Kong market out of its consolidation pattern, with January shaping up to be one of the best in years.
China and Hong Kong ETF flows were the strongest in Asia during 2025 posting significant inflows throughout the year although Korea had the most significant increase at 600%.

Trip.com Group (9961 HK) share price plunged after it announced an investigation into its monopolistic business practices. Haidilao International Holding (6862 HK) shares jumped after the founder returned as CEO.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 14)

China

MIXUE Group is a leading company specializing in the development, production, and franchise operation of freshly-made ice cream and tea beverages, including fruit drinks and coffee, under its Mixue and Lucky Cup brands. The company also supplies ingredients, packaging materials, and equipment to its extensive franchisee network. MIXUE Group was founded in 1997 and is headquartered in Zhengzhou, China.

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MIXUE (2097 HK)

Consumer Discretionary - Bi-Weekly Flow Monitor: Shorts Rotating to Franchise Chains;

Positioning across key consumer stocks stabilized in the two weeks ended 8 Sep. Average short interest inched up 0.1pp to 8.8% of free float, near...

CMB International

Mixue (2097 HK): 2025, Store Number and Revenue Accelerating, New CEO for Overseas Market

Both the revenue growth rate and the store number growth rate accelerated in 2025. We believe the new CEO was appointed to explore the overseas...

Ming Lu

Aequitas: MIXUE IPO Lockup - US$1.8bn Pre-IPO Shareholder Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire...

Sumeet Singh

Mixue Group: Lock-Up Expiry. Stock Slides 18% in a Month. Likely Limited Downside

Trading near the low end of valuation multiples, amid likely concerns over post lock-up expiry stake sale - limited downside risk. Upcoming FY2025...

Devi Subhakesan

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 14)

Trip.com Group (9961 HK) price plunged after it announced an investigation into its monopolistic business practices. Haidilao International Holding...

David Mudd

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