China Tea Chain Heytea Taps UBS for $500 Million Hong Kong IPO
- Cheese tea outlet backed by Hillhouse, IDG and Sequoia China
- Several Chinese tea chains are eyeing Hong Kong IPOs
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Heytea, the Chinese teahouse chain, has tapped UBS Group AG for its potential Hong Kong initial public offering as soon as next year, according to people familiar with the matter.
The company, which is famous for its cheese-foam teas, could raise at least $500 million in an IPO, the people said, asking not to be identified as the information isn’t public. Plans are still preliminary and other banks that have had discussions with Heytea could be added to the lineup, the people said.