The temperature in China’s bubble tea has blown hot and cold this year, reflecting the market’s huge potential but also intense competition that’s boiled up to meet demand. Compounding the situation is rapidly weakening consumer sentiment that’s causing many Chinese to cut back their spending, especially on more discretionary items like premium teas that can cost as much as 30 yuan per cup, similar to the price of a latte from Starbucks.

The year got off to a hot start, with four of the industry’s top bubble tea chains filing to make Hong Kong IPOs in January and February alone. But then things quickly cooled when Chabaidao (2555.HK) became the first of the group to list in May, and saw its shares tank. Sentiment towards the group got so bad that Mainland China’s securities regulator, the China Securities Regulatory Commission (CSRC), reportedly intervened in September by informally banning new bubble tea IPOs in Hong Kong.

Now, it appears that ban is quietly being lifted with the CSRC’s formal registration on Monday of the Hong Kong IPO plan from Guming Holdings Ltd., one of the other three companies besides Chabaidao to file IPO applications in January and February.