Nayuki

Nayuki (奈雪的茶) is a Chinese tea and bakery chain that emerged as a leading "new tea drink" brand during the premium beverage boom of the late 2010s and early 2020s. In a 2020 FreeS Fund piece, it was already being cited as a benchmark for consumer-brand crossovers, having partnered with the likes of Three Squirrels, Xiaomi, and Luzhou Laojiao on co-branded products . 暗涌Waves later grouped it alongside Mixue Ice Cream & Tea as one of the tea brands that had "deeply penetrated" the Japanese market during a recent wave of Chinese consumer exports . The same publication noted that Nayuki's 2021 Hong Kong IPO made it the "first new tea stock," a reference point for later listing hopefuls such as Chagee and Guming . By 2022, buyout funds were reportedly weighing whether distressed opportunities might appear among premium tea players like Heytea and Nayuki, though the sector's high valuations and lack of stable cash flow made the math uncertain .