Skadden, Shihui Partners, Ogier, Cleary Gottlieb and Jingtian & Gongcheng have guided parties involved in Chinese bubble tea giant Guming Holdings’ HKD1.8 billion (USD234 million) debut on the HKEX.
Skadden acted as Guming’s Hong Kong and US legal counsel, with the firm’s China practice co-heads Li Haiping and Paloma Wang, and partner Du Shu leading the team. Shihui Partners advised the issuer on PRC law, while Ogier counselled on Cayman Islands law.
Cleary Gottlieb acted as the underwriters’ Hong Kong and US legal counsel, while Jingtian & Gongcheng advised on PRC law.
This is the third mainland bubble tea chain to enter Hong Kong’s IPO market, following Nayuki and ChaPanda.
Guming, which sells tea under the name “Good me”, was founded by Wang Yunan in 2010, with its first store opening in Daxi village in Zhejiang province. After more than a decade of growth, Guming now operates over 9,000 stores across China through franchising. From 2021 to 2023, the company’s profit has grown from RMB20 million (USD2.74 million) to RMB1 billion.
More mainland bubble tea chains plan to break into the capital markets, with Mixue Group and Auntea Jenny among the companies waiting in line to list on the HKEX.
