The Chinese mainland’s Manner Coffee is considering an initial public offering in Hong Kong as soon as next year, according to people with knowledge of the matter, reviving expectations of a listing that first emerged in 2021.
The coffee chain has been in discussions with investment banks about the possible listing, the people said, asking not to be identified because the information is private. It could seek to raise a few hundred million dollars and a valuation of as much as $3 billion, they said.
Deliberations are at an early stage and details such as size and timing could change, the people said. Manner didn’t respond to requests for comment.
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After starting out a decade ago as a small roadside stall in Shanghai, Manner now operates more than 2,000 directly owned stores in the country, according to its website. The brand, part of Shanghai Yinhe Industrial Co, counts TikTok owner ByteDance Ltd and Singapore’s Temasek Holdings Pte as backers.
Manner has built on the popularity of coffee, muscling in with major brands like Starbucks Corp, which has about 8,000 stores in the country, and Luckin Coffee Inc, which has more than 26,000. Starbucks recently agreed to sell a controlling stake in its mainland business to Boyu Capital with the aim of improving its competitiveness in the market, its second-biggest worldwide.
Manner had been considering an IPO in the Hong Kong Special Administrative Region about four years ago, people familiar with the matter said at the time. After a subsequent lull, listing activity has picked up in Hong Kong again, with more than $32 billion raised in IPOs in the city this year, data compiled by Bloomberg show. That’s the most since 2021.
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Bubble-tea chain Mixue Group raised about $444 million in an offering in Hong Kong earlier this year, and its shares have gained over 100 percent since. Other newly listed tea chains like Chagee and Auntea Jenny haven’t done so well though.
Hong Kong’s Hang Seng Index has rallied about 30 percent in 2025 — one of the best-performing major equity gauges in the world this year.
