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>The one-week lemon shortage did not impact the stock price.</li>
<li>The stock price has plunged for three months to HK$395 from the peak HK$618.</li>
<li>The revenue growth and the margin were healthy in 1H25.</li>
</ul>


The one-week lemon shortage did not impact the stock price.
The stock price has plunged for three months to HK$395 from the peak HK$618.
The revenue growth and the margin were healthy in 1H25.


Mixue (2097 HK): Time to Buy After Lemon Stockout

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The inflection point of the policy on medical device is expected to appear this year. High-end imaging, medical robots, AI, and biomaterials are the four fields worth investors’ attention.</li>
<li>WuXi XDC announced Placement to raise HK$1.3 billion net proceeds at HK$58.85/share.XDC will have &gt;30% YoY growth in 2025-2027 but Li Ge/WuXi AppTec’s reduction of holdings is a discordant voice.</li>
<li>MIXUE’s lock-up of shares allotted to cornerstone investors expired. Current valuation is acceptable based on 2025 forecast, but investors need more 'safety margins' on valuation due to concerns on outlook</li>
</ul>


The inflection point of the policy on medical device is expected to appear this year. High-end imaging, medical robots, AI, and biomaterials are the four fields worth investors’ attention.
WuXi XDC announced Placement to raise HK$1.3 billion net proceeds at HK$58.85/share.XDC will have &gt;30% YoY growth in 2025-2027 but Li Ge/WuXi AppTec’s reduction of holdings is a discordant voice.
MIXUE’s lock-up of shares allotted to cornerstone investors expired. Current valuation is acceptable based on 2025 forecast, but investors need more 'safety margins' on valuation due to concerns on outlook


China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

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.

Event-Driven

<ul>
<li>The expiry of cornerstone investors’ lock-up today modestly increases <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 free float, which still remains below 10%.</li>
<li>Mixue’s 1H2025 results show limited overseas scale-up, with growth driven entirely by the domestic market, raising concerns over long-term growth prospects from new markets.</li>
<li>At 22x forward earnings, Mixue trades at a premium to HK-listed F&amp;B peers, reflecting market optimism for above-consensus growth.</li>
</ul>


The expiry of cornerstone investors’ lock-up today modestly increases Mixue Group (2097 HK)’s free float, which still remains below 10%.
Mixue’s 1H2025 results show limited overseas scale-up, with growth driven entirely by the domestic market, raising concerns over long-term growth prospects from new markets.
At 22x forward earnings, Mixue trades at a premium to HK-listed F&amp;B peers, reflecting market optimism for above-consensus growth.


Mixue (2097 HK): Lock-Up Expiry. After Doubling Post-IPO, Is the Fizz Running Out?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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 cornerstone investors is set to expire soon.</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 cornerstone investors is set to expire soon.
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.


MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<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> is forecasted to be added to Global All-World at the September 2025 review with a low free float prior to the IPO lock-up expiry.</li>
<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> is expected to undergo a significant upweight at the December 2025 review following the 6-month lock-up expiry.</li>
<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> is forecasted to be added to Global Standard at the May <em>2026</em> review following the 12-month lock-up expiry.</li>
</ul>



Mixue Group (2097 HK) is forecasted to be added to Global All-World at the September 2025 review with a low free float prior to the IPO lock-up expiry.

Mixue Group (2097 HK) is expected to undergo a significant upweight at the December 2025 review following the 6-month lock-up expiry.

Mixue Group (2097 HK) is forecasted to be added to Global Standard at the May 2026 review following the 12-month lock-up expiry.


MIXUE (2097 HK): Chill but Powerful Global Index Inclusion

China

MIXUE Group operates freshly-made drinks stores. The Company provides freshly-made fruit drinks, tea drinks, ice cream, and coffee. MIXUE Group conducts businesses across worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Mixue Group (2097 HK)

Mixue (2097 HK): Time to Buy After Lemon Stockout

The one-week lemon shortage did not impact the stock price. The stock price has plunged for three months to HK$395 from the peak HK$618. The...

Ming Lu

China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

The inflection point of medical device will appear this year. WuXi XDC launched Placement, but shareholders' reduction of holdings is a discordant...

Xinyao (Criss) Wang

Mixue (2097 HK): Lock-Up Expiry. After Doubling Post-IPO, Is the Fizz Running Out?

Stock upside seem constrained until Mixue delivers tangible overseas growth or margin expansion to justify premium valuations

Devi Subhakesan

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

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

Sumeet Singh

MIXUE (2097 HK): Chill but Powerful Global Index Inclusion

Mixue Group (2097 HK) set to join Global All-World in September 2025, with significant upweight expected in December 2025 and inclusion to Global...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mixue (2097 HK): Time to Buy After Lemon Stockout

The one-week lemon shortage did not impact the stock price. The stock price has plunged for three months to HK$395 from the peak HK$618. The...

Ming Lu

China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

The inflection point of medical device will appear this year. WuXi XDC launched Placement, but shareholders' reduction of holdings is a discordant...

Xinyao (Criss) Wang

Mixue (2097 HK): Lock-Up Expiry. After Doubling Post-IPO, Is the Fizz Running Out?

Stock upside seem constrained until Mixue delivers tangible overseas growth or margin expansion to justify premium valuations

Devi Subhakesan

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

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

Sumeet Singh

MIXUE (2097 HK): Chill but Powerful Global Index Inclusion

​Mixue Group (2097 HK) set to join Global All-World in September 2025, with significant upweight expected in December 2025 and inclusion to Global...

Dimitris Ioannidis

Mixue Group (2097 HK) set to join Global All-World in September 2025, with significant upweight expected in December 2025 and inclusion to Global...