| Stock Name | 蜜雪集团 |
|---|---|
| Stock Code | 02097 |
| Company Full Name | 蜜雪集团 |
| Industry | 食品飲料 |
| Principal Activities | 公司是一家領先的現制飲品企業，聚焦為廣大消費者提供單價約6元人民幣（約1美元）的高質平價的現制果飲、茶飲、冰淇淋和咖啡等產品。 |
| Listing Date | 2025-03-03 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國河南省鄭州市金水區北三環南、文化路東瀚海北金商業中心16004室 |
| Business Address (Hong Kong) | To be extracted |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | https://www.mxbc.com/ |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
| Offering Mechanism | To be extracted |
|---|---|
| Offer Price | HK$ 202.50 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | To be extracted |
| Global Offering Shares | To be extracted |
| HK Public Offer Shares (Initial) | To be extracted |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | To be extracted |
| Offer Ratio | To be extracted |
| Total Shares Post-IPO | To be extracted |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 45.1% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,727,325,000 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 20,250 |
| 2 lots | 200 | HK$ 40,500 |
| 3 lots | 300 | HK$ 60,750 |
| 4 lots | 400 | HK$ 81,000 |
| 5 lots | 500 | HK$ 101,250 |
| 6 lots | 600 | HK$ 121,500 |
| 7 lots | 700 | HK$ 141,750 |
| 8 lots | 800 | HK$ 162,000 |
| 9 lots | 900 | HK$ 182,250 |
| 10 lots | 1,000 | HK$ 202,500 |
| 15 lots | 1,500 | HK$ 303,750 |
| 20 lots | 2,000 | HK$ 405,000 |
| 25 lots | 2,500 | HK$ 506,250 |
| 30 lots | 3,000 | HK$ 607,500 |
| 35 lots | 3,500 | HK$ 708,750 |
| 40 lots | 4,000 | HK$ 810,000 |
| 45 lots | 4,500 | HK$ 911,250 |
| 50 lots | 5,000 | HK$ 1,012,500 |
| 60 lots | 6,000 | HK$ 1,215,000 |
| 70 lots | 7,000 | HK$ 1,417,500 |
| 80 lots | 8,000 | HK$ 1,620,000 |
| 90 lots | 9,000 | HK$ 1,822,500 |
| 100 lots | 10,000 | HK$ 2,025,000 |
| 150 lots | 15,000 | HK$ 3,037,500 |
| 200 lots | 20,000 | HK$ 4,050,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 250 lots | 25,000 | HK$ 5,062,500 |
| 500 lots | 50,000 | HK$ 10,125,000 |
| 750 lots | 75,000 | HK$ 15,187,500 |
| 1,000 lots | 100,000 | HK$ 20,250,000 |
| 2,000 lots | 200,000 | HK$ 40,500,000 |
| 3,000 lots | 300,000 | HK$ 60,750,000 |
| 4,000 lots | 400,000 | HK$ 81,000,000 |
| 5,000 lots | 500,000 | HK$ 101,250,000 |
| 6,000 lots | 600,000 | HK$ 121,500,000 |
| 7,000 lots | 700,000 | HK$ 141,750,000 |
| 8,530 lots | 853,000 | HK$ 172,732,500 |
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | To be extracted |
| Profit/Loss Status | To be extracted |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 290.0 |
|---|---|
| First Day Open | HK$ 262.0 |
| First Day Change | 43.21% |
| First Day Volume | 16058900.0 |
| First Day Turnover | 4333990000.0 |
| Use of Proceeds | 1、約66%或2172百萬港元將用于提升端到端供應鏈的廣度和深度； 2、約12%或395百萬港元將用于品牌和IP的建設和推廣； 3、約12%或395百萬港元將用于加強各個業務環節的數字化和智能化能力； 4、約10%或329百萬港元將用于營運資金和其他一般企業用途。 |
|---|
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Hillhouse Funds | 233,664,750 HKD | — | 6.76% | — | 6 months | 2025-09-03 |
| 2 | HSG Growth VI Holdco F, Ltd. | 467,329,500 HKD | — | 13.53% | — | 6 months | 2025-09-03 |
| 3 | Long-Z Fund I, LP | 77,881,500 HKD | — | 2.25% | — | 6 months | 2025-09-03 |
| 4 | M&G Investments | 467,329,500 HKD | — | 13.53% | — | 6 months | 2025-09-03 |
| 5 | Persistence Growth Limited | 311,546,250 HKD | — | 9.02% | — | 6 months | 2025-09-03 |
| Chairman | 張紅超 |
|---|---|
| Company Secretary | 陳翊新,鄧景賢 |
| Major Shareholders & Holdings | 張紅超(40.84%),張紅甫(40.84%) |
|---|
Market Sentiment
The IPO for Mixue Group saw extraordinary retail demand with an oversubscription ratio of 5,258x, reflecting intense market enthusiasm. Despite the massive subscription, the overall hit rate of 26.5% is relatively high due to the clawback reallocation, which prioritized wider distribution. The final offer price was set at HK$202.5 per share, aligning with the top end of the indicative range. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier inefficiency exists: the A-tail (20,000 lots applied) yields an expected 0.6992 lots, whereas the B-head (25,000 lots) yields only 0.3 lots, meaning a larger bid results in fewer shares. This anomaly likely stems from the allocation algorithm favoring smaller applicants in the A-tier, making the B-head unattractive from a fee-adjusted perspective. Investors aiming for efficiency should note that broker fees per allotted share would be significantly higher in this tier. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The provided dataset does not contain demographic indicators such as mainland participation percentage or regional breakdown; all relevant fields are zero, suggesting the data was not captured or disclosed. In typical mega-IPOs of this nature, high mainland interest is common, but without concrete figures, no conclusion can be drawn. This analysis relies solely on the numbers presented and should be cross-checked with official filings. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
