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.

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)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>China's tea sector has attracted increased interest, but the share prices are volatile. Overall valuations do not look cheap, and the key is stock picking.</li>
<li>
<a href="https://www.smartkarma.com/entities/auntea-jenny-shanghai-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40891:1" rel="noopener">Auntea Jenny (Shanghai) Industrial (2589 HK)</a> nd <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> are expensive on both PEG and P/B vs. ROE perspectives.</li>
<li>In two years, <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (2555 HK)</a>, <a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a>, and <a href="https://www.smartkarma.com/entities/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki Holdings (2150 HK)</a> will turn even cheaper.</li>
</ul>


China's tea sector has attracted increased interest, but the share prices are volatile. Overall valuations do not look cheap, and the key is stock picking.

Auntea Jenny (Shanghai) Industrial (2589 HK) nd Mixue Group (2097 HK) are expensive on both PEG and P/B vs. ROE perspectives.
In two years, Sichuan Baicha Baidao Industrial (2555 HK), Chagee Holdings (CHA US), and Nayuki Holdings (2150 HK) will turn even cheaper.


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>China-U.S. /: Chinese exporters move quickly after tariff rollback, but remain cautious</li><li>Whales /In Depth: The precarious fate of China’s only nearshore whales</li><li>Covid-19 /: New Covid wave in Hong Kong is causing severe infections in children</li></ul>

China-U.S. /: Chinese exporters move quickly after tariff rollback, but remain cautiousWhales /In Depth: The precarious fate of China’s only nearshore whalesCovid-19 /: New Covid wave in Hong Kong is causing severe infections in children

CX Daily: Chinese Exporters Move Quickly After Tariff Rollback, but Remain Cautious 

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)

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

China Tea Sector: What to Buy and Sell?

China's tea sector is attracting interest, but stock picking is key. Auntea Jenny and Mixue Group are expensive, while Chabaidao, Chagee, and...

Osbert Tang, CFA

CX Daily: Chinese Exporters Move Quickly After Tariff Rollback, but Remain Cautious

TOP STORIES China-U. S. / Chinese exporters move quickly after tariff rollback, but remain cautious Chinese exporters are cautiously resuming...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

China Tea Sector: What to Buy and Sell?

​China's tea sector is attracting interest, but stock picking is key. Auntea Jenny and Mixue Group are expensive, while Chabaidao, Chagee, and...

Osbert Tang, CFA

CX Daily: Chinese Exporters Move Quickly After Tariff Rollback, but Remain Cautious

TOP STORIES China-U. S. / Chinese exporters move quickly after tariff rollback, but remain cautious Chinese exporters are cautiously resuming...

Caixin Global

China's tea sector is attracting interest, but stock picking is key. Auntea Jenny and Mixue Group are expensive, while Chabaidao, Chagee, and...