China's Manner Coffee reportedly in talks for HK IPO

China's Manner Coffee is reportedly considering an initial public offering (IPO) in Hong Kong as early as next year.

According to media reports such as Bloomberg, the coffee chain is in talks with investment banks about a potential public listing that could raise a few hundred million dollars and value the company at up to US$3 billion.

MARKETING-INTERACTIVE has reached out to Manner Coffee for a statement. 

According to its website, Manner Coffee was established in Shanghai in 2015 and has grown to operate a network of more than 2,000 self-run stores in China.

The company's investor base includes major firms such as ByteDance and Temasek. Previous speculation about a Hong Kong listing emerged in 2021, with talks of the company seeking to raise at least US$300 million, though founder Han Yulong denied having any IPO plans at that time.

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Hong Kong is on track to reclaim the top spot in global IPO rankings by the end of 2025, driven by an unprecedented pipeline of nearly 300 active applications (excluding confidential filings) as of September 30. This record-breaking activity, reported by KPMG in its Q3 2025 review, sets a new benchmark for the market.

The global context underscores this achievement: in the first three quarters of 2025, worldwide IPO fundraising surged 32% to US$111.6 billion.

Within this landscape, Hong Kong has already raised over US$26 billion from 80 listings in the first ten months, a figure that city leader John Lee confirmed places it first globally in IPO fundraising.

To sustain this momentum, the city is advancing reforms to its listing regime, facilitating financing for overseas companies, and promoting RMB-denominated stock trading.

This thriving environment is attracting major mainland Chinese firms such as Chery Automobile and Hesai Group, who are pursuing secondary listings in Hong Kong.

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