China – Manner Coffee, the popular Chinese coffee chain from Shanghai, is reportedly considering an initial public offering in Hong Kong as soon as next year, reviving expectations of a listing first discussed in 2021.
Bloomberg, citing people with knowledge of the matter, reported that the company has held preliminary talks with investment banks about a potential offering. The IPO could raise a few hundred million dollars and value the company at up to US$3 billion, the sources said, noting that discussions remain early and details such as deal size and timing may change.
Manner did not respond to Bloomberg’s requests for comment.
The company had previously explored a Hong Kong listing about four years ago. After a lull, Hong Kong’s IPO market has rebounded, with more than US$32 billion raised this year—the highest since 2021, according to Bloomberg data.
Founded in 2015 as a small roadside stall in Shanghai’s Jing’an District, Manner Coffee has since expanded to more than 2,000 directly owned stores nationwide. The brand, part of Shanghai Yinhe Industrial Co., counts ByteDance Ltd and Singapore’s Temasek Holdings Pte among its investors.
