Shanghai – Qahwa World
Shanghai-based Manner Coffee is reportedly reconsidering an initial public offering (IPO) in Hong Kong, four years after first exploring the option in 2021.
According to sources cited by Bloomberg, the premium coffee chain — backed by Temasek Holdings and TikTok owner ByteDance — is in early discussions with several investment banks and may seek a listing on the Hong Kong Stock Exchange as early as next year. The company could be valued at up to $3bn.
A potential listing would likely provide fresh capital to accelerate Manner’s expansion as it competes with lower-priced operators in China’s rapidly growing branded coffee market. Founded in Shanghai’s Jing’an District in 2015, Manner began scaling aggressively after the pandemic and reached 1,000 stores by November 2023. The chain has since doubled its footprint over the past two years, now operating 2,035 fully company-owned outlets across China.
Manner is currently the sixth-largest coffee chain in the country by store count, following Luckin Coffee, Cotti Coffee, Starbucks, Lucky Cup and McCafé.
Hong Kong’s IPO market has regained momentum after a two-year slowdown, with $32bn raised so far in 2025 — the highest total since 2021. Notable F&B listings this year include bubble tea brand Guming and beverage and ice-cream conglomerate Mixue, which secured $232m and $423m respectively in February and March. In May, Shanghai-based bubble tea chain Auntea Jenny raised $35m in its Hong Kong debut.
