China’s Manner Coffee eyes Hong Kong IPO, Bloomberg reports

China's Manner Coffee is seeking an initial public offering in Hong Kong as early as next year, seeking to raise a few hundred million US dollars and a valuation of up to US$3 billion (HK$23.4 billion), Bloomberg reported.

The report cited sources saying that Manner has been in discussions with investment banks about the possible listing.

The coffee chain was founded in 2015 in Shanghai and now operates more than 2,000 self-run stores across China, according to its website.

The brand counts ByteDance, the parent of TikTok, and Singapore’s Temasek among its investors.

Talk of a Hong Kong listing also emerged in 2021, when the company was said to be seeking to raise at least US$300 million. At the time, founder Han Yulong denied having any IPO plans.