HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The business model of MIXUE is S2B2C. The expansive and highly efficient supply chain is the bedrock of MIXUE’s industry leading performance and scale, setting it apart from its peers.</li>
<li>MIXUE has more flexibility to diversify its business to explore new growth points and is also more resilient to risks/industry changes, which determines sustainability and growth ceiling of future development.</li>
<li>As competition for freshly-made tea drinks industry intensifies, capital has become “impatient”. As an industry leader, now is the best time for an IPO. MIXUE’s valuation could reach US$10 billion.</li>
</ul>


The business model of MIXUE is S2B2C. The expansive and highly efficient supply chain is the bedrock of MIXUE’s industry leading performance and scale, setting it apart from its peers.
MIXUE has more flexibility to diversify its business to explore new growth points and is also more resilient to risks/industry changes, which determines sustainability and growth ceiling of future development.
As competition for freshly-made tea drinks industry intensifies, capital has become “impatient”. As an industry leader, now is the best time for an IPO. MIXUE’s valuation could reach US$10 billion.


Pre-IPO MIXUE Group - The Snow King Opens up a Lot More Room for Imagination than Expected

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<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>, a world-leading freshly made drinks company, filed for an HKEx IPO to raise US$0.5-1.0 billion. </li>
<li>Mixue is China’s largest and the world’s second-largest freshly made drinks company, in terms of both the number of stores and cups sold in 9M23, according to CIC.</li>
<li>The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation. </li>
</ul>



Mixue Group (MIX HK), a world-leading freshly made drinks company, filed for an HKEx IPO to raise US$0.5-1.0 billion. 
Mixue is China’s largest and the world’s second-largest freshly made drinks company, in terms of both the number of stores and cups sold in 9M23, according to CIC.
The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation. 


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.

Eternal Beauty Holdings Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings </a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the not-so-positive aspects of the deal.


Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the positive aspects of the deal.


Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> raised around US$750m in its Hong Kong IPO, after pricing at the top-end.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO, after pricing at the top-end.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


China Resources Beverage IPO Trading - Still a Bit of Fizz Left

China

Mixue Group, also known as Mixue Bingcheng or Mixue Ice Cream & Tea, operates primarily in the Food and Beverage sector. Specifically, it is known for its chain of tea and ice cream shops, making it a part of the quick-service restaurant (QSR) and fast-food industry. The company offers a variety of desserts, beverages, and ice cream products and is particularly popular in China. Its business model and offerings place it squarely within the consumer foodservice sector, catering to the increasing demand for quick and affordable refreshment options.

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Mixue Group (MIX HK)

Pre-IPO MIXUE Group - The Snow King Opens up a Lot More Room for Imagination than Expected

Due to high moat in supply chain, MIXUE will eventually stand out and dominate the market. Although capital's preference for the industry is...

Xinyao (Criss) Wang

MIXUE Group IPO: The Investment Case

The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation.

Arun George

Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the positives aspects of...

Sumeet Singh

China Resources Beverage IPO Trading - Still a Bit of Fizz Left

China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO, after pricing at the top-end. In this note, we talk about the...

Sumeet Singh

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