Guming Joins China’s Tea Market Party With IPO Bid – Luckin Coffee (OTC:LKNCY)

Chinese tea shop chain Guming Holdings Ltd. has officially applied for a listing on the Hong Kong Stock Exchange, joining a growing number of tea shop brands seeking to raise battle funds through stock market listings. Guming, which specializes in selling freshly made fruit tea, milk tea, and coffee, has focused on expanding its franchise network to capture market share in China’s second- and third-tier cities. The company had 9,001 outlets as of the end of last year, with the majority being franchised stores. Guming’s revenue in 2021 reached 4.38 billion yuan ($695 million), rising to 5.56 billion yuan in 2022, and 5.57 billion yuan in the first nine months of last year. The company’s profits more than tripled to 990 million yuan in the first nine months of last year.

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