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Chinese ice-cream and tea franchise Mixue Bingcheng Co. Ltd. has applied for an IPO on Shenzhen’s main board in which it aims to raise about 6.5 billion yuan ($918 million).

Mixue — whose 21,000 milk tea shops hold about 7% of the nationwide market — plans to use the IPO proceeds to build production lines and logistics centres as well as to increase its liquidity, according to its prospectus published on Thursday.

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