One of the earliest bubble tea makers is on the block, with reports that Gong Cha Group’s majority stakeholder is looking to sell the company, in a deal that could value the chain at around $2 billion. Now, the big question is who might show up for such a deal, which is likely to cost $1 billion or more.
作为全球最早一批珍珠奶茶品牌之一，贡茶如今传出待价而沽。据报，贡茶集团的大股东正考虑出售公司，这笔交易对该连锁品牌的估值可能达到约20亿美元。眼下最大的问题是，究竟谁会有意接手这宗交易，毕竟买下这笔股权的代价很可能至少要10亿美元。
While it’s possible another private equity firm could buy out the stake held by TA Associates since 2019, a stronger possibility looks like a combination of private equity and one of China’s other top milk tea chains. Many of those chains, including Mixue (2097.HK), Chagee (CHA.US) and Chabaidao (2555.HK), have shown an interest in global expansion, which they could instantly achieve by acquiring Gong Cha’s more than 2,200 shops in 33 global markets.
虽然不排除会有另一家私募基金接手 TA Associates 自2019年持有至今的股权，但更有可能的情况，是由私募基金联同中国其他头部奶茶连锁品牌一同出手。这些品牌之中，包括蜜雪冰城（2097.HK）、霸王茶姬（CHA.US）及茶百道（2555.HK），近年都表现出拓展海外市场的意图。若收购贡茶，它们便可一举取得贡茶在全球33个市场、逾2,200家门店的国际网络。
What’s more, all of those Chinese chains are profitable, relatively debt-free, are have big piles of cash following IPOs that raised hundreds of millions of dollars over the last two years, mostly in Hong Kong. We’ll take a closer look at some of the top names among that group shortly, and which look like the strongest contenders to make possible bids for Gong Cha.
更重要的是，上述中国茶饮连锁品牌目前大多已实现盈利、负债水平相对不高，而且在过去两年完成上市后，手上都握有可观现金。这些 IPO 大多在香港进行，合计集资规模达数亿美元。下文将进一步检视其中几家最具代表性的企业，看看谁最有可能成为竞购贡茶的热门人选。