China Securities Regulatory Commission approved the listing application of MXBC on Thursday. The bubble tea franchise will be the first to be listed on Shenzhen Stock Exchange.
According to its prospectus, revenue in 2020 and 2021 was 4.7 billion (US$660 million) and 10.3 billion yuan. MXBC has 22,300 stores at home and abroad, topping the industry.
Founded in 1997, MXBC can often be found on street corners near schools in small towns. Most of its drinks are priced under 12 yuan, far cheaper than its peers like Hey Tea and Nayuki. In-house logistics and R&D teams control the cost.
Apart from the bubble tea business, MXBC is also marching into the beverage market. A bottle of Mixue water costs as little as 1.5 yuan.
