Mixue Bingcheng

Based in Zhengzhou, China, and founded in 1997, Mixue Bingcheng operates as a beverage chain brand that focuses on operating ice cream tea chain stores. It has a branch in Chengdu and an overseas business department in Southeast Asia. The company has more than 40,000 stores in 31 provinces in China. In 2018, the first store in Vietnam opened.

In February 2025, the company raised USD 2 million in pre-IPO funding from new investors M&G Investments, HongShan, and Boyu Capital, and returning investors DragonBall Capital and Hillhouse Investment. In March 2025, Mixue Bingcheng raised HKD 3. 45 billion in IPO, selling 17. 05 million shares at HKD 202.

5 per share on the Hong Kong Exchanges and Clearing Limited. The company offers a variety of beverages including bubble tea, fruit tea, milkshakes, fresh-squeezed lemonade, and ice cream products. In addition, the company also offers warehousing and logistics services, as well as training and management services for its store owners for a specified fee.   The company generates revenue by providing beverages such as fruit drinks, tea, ice cream, and coffee.

The company will use the IPO funding to expand production capacity, improve the efficiency of the logistics system, build an international supply chain platform, support the expansion of overseas business, build and promote brands and IPs, strengthen the digital and intelligent capabilities of various business links, and will be used for working capital and other general corporate purposes.