Davis Polk & Wardwell and Zhong Lun Law Firm are advising China's largest bubble-tea chain store, Mixue Bingcheng, on its IPO on the Hong Kong Stock Exchange, which aims to raise between $500 million and $1 billion.

Bubble tea is China's fastest-growing sector and one of the few bright spots on the consumer front, Reuters reported, adding the country's 486,000 bubble tea stores were expected to post a 40 percent rise in yearly sales in 2023, reaching a market size of around 145 billion yuan ($20 billion).