Guming’s HK$1.8 Billion Offering and Primary Listing in Hong Kong

Cleary Gottlieb represented Goldman Sachs and UBS, as joint sponsors, joint sponsor-overall coordinators, joint global coordinators, joint bookrunners, and six other underwriters, in the HK$1.8 billion (excluding overallotment option) global offering of ordinary shares and primary listing of Guming Holdings Limited (Guming) on the Main Board of the Hong Kong Stock Exchange.

The offering priced on February 10, 2025, and closed on February 12, 2025. Shares of Guming began trading on the Hong Kong Stock Exchange on February 12, 2025.

Tencent, Genesis Capital, LVC, Long-Z Fund, and Duckling Fund participated in the IPO as cornerstone investors.

Guming is a leading and fast-growing freshly made beverage company in China, which primarily operates under a franchise model. Its “Good me” brand is China’s largest mid-priced freshly made tea store brand and the second-largest freshly made tea store brand across all price ranges, in terms of both GMV in 2023 and store count as of December 31, 2023. Guming generated GMV of RMB19.2 billion in 2023 and RMB16.6 billion in the nine months ended September 30, 2024. Guming’s store network encompassed 9,001 stores as of December 31, 2023, and expanded to 9,778 stores as of September 30, 2024.