☕️ Brew-to-Bourse: Shanghai’s Manner Coffee is eyeing a Hong Kong IPO next year at a valuation of up to US$3 billion. The cult chain is backed by investors like ByteDance and Singapore’s Temasek.
🫘 Spill the beans: Back in 2021/22, banker leaks claimed Manner was preparing a Hong Kong IPO to raise around US$300 million. However, founder Han Yulong publicly denied there was “no such plan.”
🍵 Latte Lab: Manner doubles as ByteDance’s biggest offline behavior lab. Wait times, demand peaks, recipe tweaks, store layouts — everything is digitally tracked and feeds into pricing algorithms, product tests, and Douyin promotions.
🥤 Started at the sidewalk, now we’re here: Founded in 2015 as a tiny street stall in Shanghai, Manner became a Gen Z favorite with 10–20 RMB coffees, minimalist design, great taste, and fast service.
🏦 Bullish Brew for IPOs: After two slow years, Hong Kong’s IPO window is open again: over US$32 billion has been raised so far this year. China consumer stories are back in demand.
Big Picture
We’ve covered China’s wildest coffee inventions — from garlic lattes to paprika Americanos. China is becoming the world’s most dynamic coffee market, where local chains are undercutting Starbucks with “affordable premium” brews.
The China Survival Guide for Western Businesses
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