In China's overheated bubble tea market, Mixue Group stands out for its big success. Often dubbed the “Pinduoduo of milk tea” – drawing parallels to the e-commerce giant known for its cut-to-the-bone prices – Mixue has leveraged its affordability to achieve remarkable growth in a market crowded with tens of thousands of stores with very similar products.

The current climate has further bolstered the company’s position, as China's slowing economy drives consumers toward more affordable options, especially for non-essential items like bubble tea. That unique mix of market factors, combined with its own aggressive posture, has helped Mixue build a network of more than 40,000 stores in China – more than four times the size of its closest rival.

Mixue is now testing whether investors share a similar bubbly outlook on its prospects as it relaunched its stalled Hong Kong IPO by filing an updated listing document on Jan. 1. The timing appears to capitalize on recent regulatory signals suggesting an end to the recent moratorium on new bubble tea listings. Following the Chinese securities regulator's December announcement indicating that rival Guming's Hong Kong IPO could proceed after a prolonged delay, both Guming and competitor Auntea Jenny swiftly filed updated prospectuses with the stock exchange.