Retail services has been a key sector for Hong Kong IPOs since 2024
Indeed, since 2024, that segment has led the way among Hong Kong initial public offerings (IPOs) in terms of both funds raised and total deals closed, which is spurring investor confidence.
Notably, home appliance giant Midea Group raised HK$31 billion (US$3.95 billion) last September. Mao Geping Cosmetics made HK$2.3 billion in December, while jewellery maker Laopu Gold made more than HK$827 million back in June 2024.
More recently, Mixue Group, the mainland's largest fresh drinks chain with more than 45,000 outlets across China and 11 other countries, pulled in HK$3.45 billion in a March IPO.
Mao Geping Cosmetics, one of China's most famous make-up brands, earned HK$2.3 billion in last December's IPO in Hong Kong. Photo: Weibo/Mao Geping
Meanwhile, bubble tea seller Guming, which focuses on smaller towns and municipalities where growth is outpacing that in higher-tier cities; and Shanghai-based Bloks Group, which targets the mainland domestic market with low-priced toys and collectibles, have continued to advance steadily.
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