Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

MIXUE Group (2097 HK) IPO: Reasonably Attractive Pricing

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

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Mixue Group plans to complete its IPO, selling 17.1 million shares at the IPO price of HK$202.50 per share. The IPO is expected to start trading on 3 March.</li>
<li>Our base case valuation of Mixue Group is implied market cap of HKD 96 billion or target price of HKD 254, which is 26% higher than the initial IPO price.</li>
<li>Our valuation sensitivity analysis suggests a range of HKD 206 to HKD 308 per share for Mixue Group. </li>
</ul>


Mixue Group plans to complete its IPO, selling 17.1 million shares at the IPO price of HK$202.50 per share. The IPO is expected to start trading on 3 March.
Our base case valuation of Mixue Group is implied market cap of HKD 96 billion or target price of HKD 254, which is 26% higher than the initial IPO price.
Our valuation sensitivity analysis suggests a range of HKD 206 to HKD 308 per share for Mixue Group. 


Sichuan Baicha Baidao Industrial (2555 HK)

Mixue Group

Mixue Group IPO Valuation Analysis