Money-losing premium tea specialist Nayuki has filed to get listed in Hong Kong

16 Feb, 2021 12:09
source: Singularity Financial

Singularity Financial Hong Kong February 15, 2020 – Money-losing premium tea specialist Nayuki Holdings Ltd., one of the biggest bubble tea chains in China, has filed to list in Hong Kong, shifting gears from an earlier plan to float shares in New York as it races to beat larger rival HeyTea to market.

Nayuki, also known as Naixue’s Tea in Chinese, founded in 2015 and headquartered in Shenzhen, sells fresh-fruit tea — some with cheese foam on the top — as well as cold brew tea and baked goods. It has more than 350 stores in 51 cities in China, according to its website. The company completed a funding round in 2018 that valued the startup at 6 billion yuan ($918 million).

One month ago, its parent company Shenzhen Pindao Restaurant Management Co. (“Pindao”) has raised more than $100 million in a series C funding round led by private equity firm PAG, said the people, who asked not to be identified as the information is private. Billionaire Jack Ma’s Yunfeng Capital is also among the investors in the latest round, the people said.

Heytea, another major bubble tea chain in China, is seeking to raise $400 million to $500 million in a Hong Kong initial public offering before the end of 2021, Hong Kong Apple Daily reported in September, citing unidentified people.

B & S International Holdings Ltd., which owns the Hong Kong franchise of Taiwanese bubble tea chain TenRen, raised $12.8 million in its Hong Kong IPO in 2018.