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Two leading Chinese bubble tea brands, Mixue Group and Guming Holdings, are set to launch IPOs in Hong Kong to fund their expansion and growth in the sizable bubble tea market in China, valued at 145 billion yuan ($20.4 billion). Mixue, known for its affordable prices and snowman logo, generates 34.6 billion yuan in sales, while Guming, with 9,000 stores, focuses on catering to consumers in tier two or lower cities.

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