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Sudden! Manner was exposed to be "listed in Hong Kong as early as next year"?!

Published: 2026-08-25 Author:

Last Updated: 2026/08/25, ▲ Click to pay attention| Daily Boutique Coffee Culture Magazine Coffee Factory Recently, Bloomberg, World Coffee Gateway and other media reported that the well-known coffee chain brand Manner Coffee may go public in Hong Kong next year. Reported that several people familiar with the matter revealed to the media that Manner is actively promoting

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Recently, Bloomberg, World Coffee Gateway and other media reported that the well-known coffee chain brand Manner Coffee may go public in Hong Kong next year.

According to the report, a number of people familiar with the matter revealed to the media that Manner is actively promoting the initial public offering (IPO) in Hong Kong and may appear on the Hong Kong Stock Exchange as early as next year.

At the same time, the report quoted sources familiar with the matter as saying that Manner has currently held discussions with a number of investment banks on matters related to the listing, and initially plans to raise hundreds of millions of dollars, with a valuation expected to reach as high as US$3 billion. However, as the negotiations are still in the early stages, there is still room for adjustment in core details such as the final fundraising scale and listing time.

Looking back on Manner's development history from 2015 to the present, the brand has become unique in the coffee market with its strategy of affordable boutique coffee and its community store model, attracting the attention of a lot of capital. In 2018, Today Capital invested 80 million yuan in Manner. With its capital support, Manner began to expand on a scale from a 2-square-meter store in Shanghai. However, due to "disagreement" with brand founder Han Yulong, Today Capital and Manner parted ways.

Subsequently, Meituan Dragon Ball Capital, ByteDance, Singapore sovereign fund Temasek and others successively became Manner's investors. In 2021, Manner completed US$200 million in financing exclusively invested by Meituan Dragon Ball Capital, when its market valuation was close to US$2 billion.

Also in 2021, Manner, who is favored by capital, was first reported that he would soon go public in Hong Kong. Media reports at the time said that Manner planned to list on the Hong Kong Stock Exchange in 2022 and was expected to raise US$300 million, which attracted the attention of all sectors of society on its future developments. However, the news was quickly responded to by brand founder Han Yulong, who directly denied it, saying that there were no relevant plans.

Interestingly, although Manner responded quickly again after the news of "listing in Hong Kong as early as 2026" came out, unlike the previous direct denial, Manner gave a response in the face of listing rumors in the media."The company does not comment on Hong Kong IPO rumors."

Among all coffee brands, Manner ranks sixth in store size. Narrow-door restaurant shows that as of November 13, Manner has 2234 stores across the country. Compared with the top five-Luckin (27930 stores), Cuddy (15323 stores), Starbucks China (8283 stores), Lucky Coffee (5784 stores), and Noah (4252 stores), the number of stores is not large, and the gap with its competitors is not small. But among the top six brands, only Manner and Starbucks China adopt direct sales.

However, times have changed. Starbucks China has reached a cooperation with Boyu Capital, and Lucky intends to return to the U.S. main board listing again. The successive actions of competitors seem to the outside world to give Manner a sense of crisis. Therefore, Manner did not deny it clearly in response to the gossip about the listing, as if to imply that there would be action to deal with today's volatile coffee market.

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