Latest news with #ShanWeijun
South China Morning Post
16-05-2025
- Business
- South China Morning Post
Green Tea makes tepid trading debut in Hong Kong as traders gird for CATL's IPO next week
Green Tea Group had a tepid trading debut in Hong Kong on Friday, as traders sidestepped its small stock sale in anticipation of the world's largest initial public offering (IPO) next week. Advertisement Shares of the Hangzhou-based restaurant chain began trading at HK$7.19 per share, unchanged from the offer price, before plunging 7 per cent in a declining market to an intraday day low of HK$6.69. The company raised HK$847 million (US$108.5 million) through selling 68 million shares. Traders are looking forward to the trading debut on Tuesday of Contemporary Amperex Technology (CATL), the world's largest maker of battery packs for electric vehicles. CATL's US$5.3 billion stock offer, priced at HK$263 per share at the high end of its price range, is the world's largest this year, and the biggest sale in Hong Kong in four years. Auntea Jenny's co-founder and chairman Shan Weijun (right) at the company's listing ceremony on the Hong Kong stock exchange on May 8, 2025. Photo: Aileen Chuang Fifteen companies raised HK$17.7 billion in Hong Kong in the first quarter of this year, helping the city claw its way to the third spot in the global ranking of IPO destinations, according to KPMG's data. Advertisement
The Star
08-05-2025
- Business
- The Star
Bubble tea billionaire ranks swell after latest IPO
Auntea Jenny husband-and-wife founders, Shan Weijun and Zhou Rongrong. — Bloomberg HONG KONG: China's bubble tea market is overflowing with rivals and fierce price clashes – yet it's set to produce another billionaire couple. Yesterday, Auntea Jenny (Shanghai) Industrial was scheduled to start trading in Hong Kong, raising HK$273mil with a listing price of HK$113.12, the top of the range. That valuation gives husband-and-wife founders, Shan Weijun and Zhou Rongrong, a combined net worth of US$1.1bil, according to the Bloomberg Billionaires Index, which is valuing their wealth for the first time. Their fortune is solely derived from their stake in Auntea Jenny. The couple join a wave of Chinese founders who have made fortunes as fresh bubble tea chains exploded in popularity. That includes Junjie Zhang, the billionaire founder of Chagee Holdings, who listed his tea shop chain on the Nasdaq exchange in April, and the two brothers behind Mixue Group, a brand known for US$1 bubble tea, coffee and ice cream, who amassed about US$8bil combined after the company's debut in Hong Kong earlier this year. Yet, after almost a decade of rapid expansion, the competition in China's tea-shop market has become increasingly brutal, with numerous venues spreading out on floors of city malls and street corners. Several bubble tea listings have slumped soon after going public, as investors grow wary of pouring money into a saturated market. Shan and Zhou, both 48, worked as senior sales managers at healthcare products retailer Amway (China) before starting their first Auntea Jenny milk-tea shop in November 2013 in Shanghai, according to the prospectus. Auntea Jenny specialises in milk tea with grain toppings and fresh fruit tea. A typical drink sells for around US$2. The chain's stores are primarily located on the street with a small portion in shopping malls and train stations. There were more than 9,100 stores over 300 cities in China at the end of last year, according to the prospectus. Nearly all are franchisee-run. Like competitors Guming Holdings and Mixue Group, Auntea Jenny targets fast-growing and economically less developed markets, so-called 'lower-tier cities', with approximately 50.4% of stores located in those cities in China. But that strategy is challenging – Auntea Jenny recorded slower sales last year, which it said was in part due to increased competition. Factors including a lack of advantage in lower-tier cities, reliance on third-party suppliers with weak cost control will possibly make Auntea Jenny's valuation lower than its peers, Xinyao Wang, a China healthcare analyst wrote in a report published on SmartKarma. Venturing into markets outside China has become an inevitable choice for many brands as growth slows. — Bloomberg
Bloomberg
08-05-2025
- Business
- Bloomberg
Chinese Tea Chain Auntea Jenny on IPO, Expansion Plans
Tea chain Auntea Jenny made its debut on the Hong Kong Stock Exchange on Thursday, raising HK$273 million at listing price of HK$113.12. Co-founders Shan Weijun and Zhou Rongrong, a husband and wife team, now have a combined net worth of $1.1 billion, according to the Bloomberg Billionaires Index. The Chinese fresh tea shop chain is set to open a new store in New York, with more overseas expansion plans in the pipeline. Shan discussed the company's business goals and global growth strategies with Bloomberg TV's Minmin Low. (Source: Bloomberg)
Straits Times
08-05-2025
- Business
- Straits Times
Bubble tea billionaire ranks swell after latest Hong Kong IPO
The husband-and-wife founders of Auntea Jenny join a wave of Chinese founders who have made fortunes as fresh bubble tea chains exploded in popularity. PHOTO: BLOOMBERG HONG KONG – China's bubble tea market is overflowing with rivals and fierce price clashes – yet it's set to produce another billionaire couple. On May 8, Auntea Jenny (Shanghai) Industrial is scheduled to start trading in Hong Kong, raising HK$273 million (S$45.6 million) with a listing price of HK$113.12, the top of the range. That valuation gives husband-and-wife founders, Shan Weijun and Zhou Rongrong, a combined net worth of US$1.1 billion (S$1.4 billion), according to the Bloomberg Billionaires Index, which is valuing their wealth for the first time. Their fortune is solely derived from their stake in Auntea Jenny. The couple join a wave of Chinese founders who have made fortunes as fresh bubble tea chains exploded in popularity. That includes Junjie Zhang, the billionaire founder of Chagee Holdings, who listed his tea shop chain on the Nasdaq exchange in April, and the two brothers behind Mixue Group, a brand known for US$1 bubble tea, coffee and ice cream, who amassed about US$8 billion combined after the company's debut in Hong Kong earlier this year. Yet, after almost a decade of rapid expansion, the competition in China's tea-shop market has become increasingly brutal, with numerous venues spreading out on floors of city malls and street corners. Several bubble tea IPOs have slumped soon after going public, as investors grow wary of pouring money into a saturated market. Freshly brewed Mr Shan and Ms Zhou, both 48, worked as senior sales managers at health-care products retailer Amway (China) before starting their first Auntea Jenny milk-tea shop in November 2013 in Shanghai, according to the prospectus. Auntea Jenny specializes in milk tea with grain toppings and fresh fruit tea. A typical drink sells for around US$2. The chain's stores are primarily located on the street with a small portion in shopping malls and train stations. There were more than 9,100 stores over 300 cities in China at the end of last year, according to the prospectus. Nearly all are franchisee-run. Like competitors Guming Holdings and Mixue Group, Auntea Jenny targets fast-growing and economically less developed markets, so-called 'lower-tier cities', with approximately 50.4 per cent of stores located in those cities in China. But that strategy is challenging – Auntea Jenny recorded slower sales in 2024, which it said was in part due to increased competition. Factors including a lack of advantage in lower-tier cities, reliance on third-party suppliers with weak cost control will possibly make Auntea Jenny's valuation lower than its peers, Xinyao Wang, a China health care analyst wrote in a report published on SmartKarma. Venturing into markets outside China has become an inevitable choice for many brands as growth slows. Some rivals, like Mixue Group, already have hundreds or even thousands of stores overseas. Auntea Jenny has focused on South-east Asia, with 30 stores in Malaysia and plans to increase to over 100 stores in the country in 2025. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
08-05-2025
- Business
- Business Times
Bubble tea billionaire ranks swell after latest Hong Kong IPO
[HONG KONG] China's bubble tea market is overflowing with rivals and fierce price clashes – yet it's set to produce another billionaire couple. On Thursday (May 8), Auntea Jenny (Shanghai) Industrial is scheduled to start trading in Hong Kong, raising HK$273 million (S$46 million) with a listing price of HK$113.12, the top of the range. That valuation gives husband-and-wife founders, Shan Weijun and Zhou Rongrong, a combined net worth of US$1.1 billion, according to the Bloomberg Billionaires Index, which is valuing their wealth for the first time. Their fortune is solely derived from their stake in Auntea Jenny. The couple join a wave of Chinese founders who have made fortunes as fresh tea chains exploded in popularity. That includes Junjie Zhang, the billionaire founder of Chagee Holdings, who listed his tea shop chain on the Nasdaq exchange in April, and the two brothers behind Mixue Group, a brand known for US$1 bubble tea, coffee and ice cream, who amassed about US$8 billion combined after the company's debut in Hong Kong earlier this year. Yet, after almost a decade of rapid expansion, the competition in China's tea-shop market has become increasingly brutal, with numerous venues spreading out on floors of city malls and street corners. Several bubble tea IPOs have slumped soon after going public, as investors grow wary of pouring money into a saturated market. Freshly brewed Shan and Zhou, both 48, worked as senior sales managers at healthcare products retailer Amway (China) before starting their first Auntea Jenny milk-tea shop in November 2013 in Shanghai, according to the prospectus. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Auntea Jenny specialises in milk tea with grain toppings and fresh fruit tea. A typical drink sells for around US$2. The chain's stores are primarily located on the street with a small portion in shopping malls and train stations. There were more than 9,100 stores in over 300 cities in China at the end of last year, according to the prospectus. Nearly all are franchisee-run. Like competitors Guming Holdings and Mixue Group, Auntea Jenny targets fast-growing and economically less developed markets, so-called 'lower-tier cities', with approximately 50.4 per cent of stores located in those cities in China. But that strategy is challenging – Auntea Jenny recorded slower sales last year, which it said was in part due to increased competition. Factors including a lack of advantage in lower-tier cities, and reliance on third-party suppliers with weak cost control will possibly make Auntea Jenny's valuation lower than its peers, Xinyao Wang, a China health care analyst wrote in a report published on SmartKarma. Venturing into markets outside China has become an inevitable choice for many brands as growth slows. Some rivals, such as Mixue Group, already have hundreds or even thousands of stores overseas. Auntea Jenny has focused on South-east Asia, with 30 stores in Malaysia and plans to increase to over 100 stores in the country this year. BLOOMBERG
