A periodic update to the typical ‘who, what, how much’
[Data as of Dec-24 here]
| Brand | Status | Market cap (US$) | Price tier | Target market | # stores in China |
| Mixue Bingcheng (2097:HKG) | Listed | 6.8 B | unmatched low prices | c.60% of stores are in 3rd-tier and below cities; c.40% of stores are in 2nd-tier and new 1st-tier cities. | 46,000+ stores across 11 countries (40K+ in China) |
| Guming (1364:HKG) | Listed | 3.5 B | Mid-priced | second-tier and below cities | 9,001 |
| ChaPanda (2555:HKG) | Listed | 1.8 B | low-price | Various city tiers | 8,016 |
| Naixue (2150:HKG) | Listed | 360 M | High-end, mid-end | Tier-1, new tier-1, tier-2 cities | 1,894 |
| Chagee | Plan to list (US) | ina | High-end | Tier-1, tier-2 cities | 6,200+ stores worldwide (6k in China) |
| Auntea Jenny | Plan to list (HKG) | ina | multi-tiered approach (main brand: mid-price, low-price; Premium offering; Budget option) | lower tier cities | 9,333 |
(Source: Kr-Asia, Naixue IR, EqualOcean, others, IPO prospectus of Mixue and Guming)
I first tried this Good Me brand (under Guming) in Hangzhou. Good Me, operated by Gu Ming, is generally considered China’s largest mid-priced tea chain using a franchise model.
disclaimer: the post is for non-profit purposes only. Views are my own, not investment advice, and no responsibility is attached.
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