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-bab2ff71-b80e-406a-8746-77d70acaa16e" target="_blank" data-smartkarma-citation="entities:40625:1" rel="noopener">MIXUE Group</a> Mixue Group is now looking to raise around US$500m in its upcoming 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>In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh the peer comparison.</li>
</ul>



MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming 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.
In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh the peer comparison.


MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

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>Mixue Group, the largest freshly-made drinks company in China, is reportedly set to begin book building for its Hong Kong IPO by end-February, targeting to raise approximately USD 500 million.</li>
<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 mass-market pricing strategy and compelling value for money positioning targets price-sensitive consumers, especially in lower-tier cities and among youth, driving high-volume sales.</li>
<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> reported robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and intensifying competition.</li>
</ul>


Mixue Group, the largest freshly-made drinks company in China, is reportedly set to begin book building for its Hong Kong IPO by end-February, targeting to raise approximately USD 500 million.

Mixue Group (MIX HK)'s mass-market pricing strategy and compelling value for money positioning targets price-sensitive consumers, especially in lower-tier cities and among youth, driving high-volume sales.

Mixue Group (MIX HK) reported robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and intensifying competition.


Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Mixue Group is getting ready to complete its IPO in Hong Kong in the coming weeks. Mixue Group plans to raise about US$500 million from its Hong Kong IPO.</li>
<li>The company has an excellent income statement with notable growth in sales and profits in the past four years.</li>
<li>Net margin improved from 15.7% in 2023 and 18.7% in 1Q-3Q 2024, driven by higher sales base and lower major operating costs as a percentage of sales</li>
</ul>


Mixue Group is getting ready to complete its IPO in Hong Kong in the coming weeks. Mixue Group plans to raise about US$500 million from its Hong Kong IPO.
The company has an excellent income statement with notable growth in sales and profits in the past four years.
Net margin improved from 15.7% in 2023 and 18.7% in 1Q-3Q 2024, driven by higher sales base and lower major operating costs as a percentage of sales


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>MIXUE invited experts to conduct calculations based on population data. The result is a maximum of 45,000 stores can be opened. So, MIXUE has reached the growth ceiling in China.</li>
<li>The pain point is since MIXUE’s growth depends significantly on its ability to expand store network, once the growth of franchised stores slows down, a performance decline would be inevitable.</li>
<li>Due to larger scale effect/stronger supply chains/higher net profit margin, MIXUE’s valuation should be higher than peers. Higher valuation depends on whether MIXUE is able to make breakthrough in internationalization.</li>
</ul>


MIXUE invited experts to conduct calculations based on population data. The result is a maximum of 45,000 stores can be opened. So, MIXUE has reached the growth ceiling in China.
The pain point is since MIXUE’s growth depends significantly on its ability to expand store network, once the growth of franchised stores slows down, a performance decline would be inevitable.
Due to larger scale effect/stronger supply chains/higher net profit margin, MIXUE’s valuation should be higher than peers. Higher valuation depends on whether MIXUE is able to make breakthrough in internationalization.


Pre-IPO MIXUE Group Update - The Snow King Is Facing Headwinds

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, while <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> added to the list of disaapointing tea chain, <a href="https://www.smartkarma.com/entities/mixue-group-bab2ff71-b80e-406a-8746-77d70acaa16e" target="_blank" data-smartkarma-citation="entities:40625:1" rel="noopener">MIXUE</a> is said to be gearing up for a launch soon.</li>
<li>On the placements front, there were two smallish deals in Japan.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, while Guming Holdings (1364 HK) added to the list of disaapointing tea chain, MIXUE is said to be gearing up for a launch soon.
On the placements front, there were two smallish deals in Japan.


ECM Weekly (17th Feb 2025) - CATL, Hengrui, Mixue, Guming, Hexaware, Ajax, Aegis, Daiichi, Takasago

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)

MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we update our earlier peer comparison.

Sumeet Singh

Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis

Robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and...

Devi Subhakesan

Mixue Group IPO Preview

Mixue Group is getting ready to complete its IPO in Hong Kong in the coming weeks. Mixue Group plans to raise about US$500 million from its Hong...

Douglas Kim

Pre-IPO MIXUE Group Update - The Snow King Is Facing Headwinds

MIXUE has hit growth ceiling in China with 45,000 store limit, faces performance decline if franchise growth slows. Valuation should be higher...

Xinyao (Criss) Wang

ECM Weekly (17th Feb 2025) - CATL, Hengrui, Mixue, Guming, Hexaware, Ajax, Aegis, Daiichi, Takasago

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we update our earlier peer comparison.

Sumeet Singh

Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis

Robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and...

Devi Subhakesan

Mixue Group IPO Preview

Mixue Group is getting ready to complete its IPO in Hong Kong in the coming weeks. Mixue Group plans to raise about US$500 million from its Hong...

Douglas Kim

Pre-IPO MIXUE Group Update - The Snow King Is Facing Headwinds

​MIXUE has hit growth ceiling in China with 45,000 store limit, faces performance decline if franchise growth slows. Valuation should be higher...

Xinyao (Criss) Wang

ECM Weekly (17th Feb 2025) - CATL, Hengrui, Mixue, Guming, Hexaware, Ajax, Aegis, Daiichi, Takasago

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

MIXUE has hit growth ceiling in China with 45,000 store limit, faces performance decline if franchise growth slows. Valuation should be higher...