Shares of Mixue Group, China’s largest bubble tea chain controlled by billionaire brothers Zhang Hongchao and Hongfu, jumped 43% in its Hong Kong IPO debut.
Bubble tea chain Chagee has received Chinese approval to list on Nasdaq in the U.S., adding to Chinese consumer brands that have been looking to raise funds offshore.
Teatotaller, a bubble tea cafe and bakery with locations in Concord and Dover, is taking on a new identity as the owner looks to sell after developing the brand for 13 years. Owner Emmett Soldati landed on Totally Tea + Coffee for the rebrand,
Served with a wide straw, the drink allows you to sip both the beverage and chewy tapioca pearls simultaneously.
Two decades ago, a modest snack stall in the middle of one’s China poorest provinces saw its business take off after selling cut-price soft serve for just 15 cents (1 yuan) per cone. Today, it has overtaken McDonald’s and Starbucks as the world’s largest food and beverage chain by number of stores.
Mixue Group, China’s largest bubble-tea chain, surged in its Hong Kong trading debut after individual investors flocked to the company’s blockbuster HK$3.45 billion ($444 million) initial public offering.
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