Chinese milk tea chain Chayan Yuese has started preparing to seek an initial public offering in Hong Kong, but hasn't made any timeline amid the sluggish market sentiment, mainland media reported.
A spokesperson of the Changsha-based company, however, responded that it currently has no listing plan.
Mainland tea chain operators have been looking at listing in Hong Kong as Chinese authorities are believed to be discouraging food and beverage IPOs in the domestic markets.
Last week, the country's biggest bubble tea chain, Mixue Bingcheng, reportedly selected Bank of America, Goldman Sachs and UBS to arrange a Hong Kong listing of about US$1 billion (HK$7.8 billion) next year.
Its smaller peer Sichuan Baicha Baidao, the company behind the fruit and milk tea brand Cha Panda, submitted its application to list in Hong Kong in August
And premium bubble tea chain Nayuki (2150), which went public in the city in 2021, said it recorded a net addition of 166 self-operated stores in the third quarter.
