Mixue fell by two percentage points, while Chagee rose by over four percentage points—both are new forces in the tea beverage sector, yet one fell in Hong Kong stocks while the other rose in U.S. stocks. Is it due to Hong Kong stock liquidity issues causing Mixue's drop, or are the pricing logics of the tea beverage track completely independent between Hong Kong and the U.S.? The answer is most likely the latter—Mixue, having just IPOed, is still undergoing valuation recovery, while U.S. capital is more willing to buy into the "globalization of Chinese tea beverages" narrative for Chagee. The capital profiles on both sides are different.
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