China's coffee chain brand Manner Coffee is reportedly exploring an initial public offering (IPO) in Hong Kong as early as next year, according to sources familiar with the matter. The company has held discussions with investment banks regarding the listing, though details remain confidential.

Manner Coffee could aim to raise hundreds of millions of dollars, with a potential valuation reaching up to $3 billion. However, discussions are still in preliminary stages, and key aspects such as fundraising size and timing may change. The company declined to comment on the IPO speculation.

Founded in 2015 in Shanghai’s Jing’an District, Manner Coffee has expanded to over 2,000 directly operated stores across China. The brand operates under Shanghai Yinhe Industrial Co., with notable investors including ByteDance Ltd., the parent company of TikTok, and Singapore’s Temasek Holdings.

Sources indicate that Manner Coffee had previously considered a Hong Kong IPO around four years ago. While Hong Kong’s IPO market experienced a slowdown, activity has rebounded in recent years.