Bubble tea chain eyes US$500m IPO in HK

The owner of bubble tea chain Nayuki, known as Naixue's Tea in Chinese, plans to file for a Hong Kong initial public offering in the first quarter, with the aim of raising US$400 million (HK$3.12 billion) to US$500 million.

Nayuki is eyeing to sell shares in Hong Kong in the second quarter. The Shenzhen-based firm has completed a new funding round that values the company at nearly US$2 billion, Bloomberg reported last December.

Shenzhen Pindao Restaurant Management has raised more than US$100 million in a series C funding round led by private equity firm PAG. Billionaire Jack Ma Yun's Yunfeng Capital is also among the investors in the latest round.

Nayuki filed confidentially for an offering in the United States last February, but the plan has been put on hold due to the pandemic.

Meanwhile, more healthcare companies are ready for their Hong Kong IPOs.

Chinese contract research organization Joinn Laboratories (China) is planning to sell shares in Hong Kong late February, which could raise about US$500 million to US$600 million. Cancer screening firm New Horizon Health is seeking to debut in mid-February to raise US$300 million.

MicroPort CardioFlow Medtech Corporation, a spinoff of Microport Scientific (0853), saw shares jump more than 60 percent in gray markets ahead its first trading day.

Blue-chip Sino Biopharmaceutical (1177) is planning to issue A shares, which is no more than 10 percent of total Hong Kong shares, in the Science and Technology Innovation Board of the Shanghai Stock Exchange.

It plans to use the net proceeds for the development of its principal businesses,merger and acquisition and general working capital.