China Is Going Global – With Consumer Crazes and Lifestyle Apps

Hong Kong’s stock market is enjoying its best quarter since 2021, driven by a fresh wave of China-based initial public offerings (IPOs) that are rekindling investor optimism in the region. Flagship names like CATL, the world’s largest electric vehicle battery producer, and Mixue Group (meaning “Sweet Snow” in Chinese), the ice cream and tea chain with a cult-like youth following, both recently launched high-profile IPOs in Hong Kong.

CATL’s IPO drew particular attention and optimism. Although already listed in Shenzhen, the firm’s decision to seek a dual listing in Hong Kong indicates its bid to diversify capital access amid geopolitical constraints in the U.S. market. The listing has been dubbed a “confidence play,” reflecting the company’s readiness to anchor long-term capital within a market that has been volatile but remains a crucial hub for Greater China.

Mixue’s entrance is equally symbolic. Known for its low-cost, high-visibility franchises that dominate third-tier cities and social media feeds alike, Mixue represents a new breed of Chinese consumer brand ready to test international investor appetite. As of late 2024, Mixue has exceeded McDonald’s in terms of number of shops with a whopping 41,800, making it one of the world’s largest fast-food chains.

These listings are not only reviving capital flows but also signalling a rebalancing of China’s financial ambitions toward a more regional and strategically controlled marketplace.

The IPO momentum comes at a time when many Chinese companies are also recalibrating their global strategies outside traditional finance. Mixue paved the way for similar consumer-facing giants such as HeyTea and Pop Mart. HeyTea is a premium milk tea shop that has already attracted international stakeholders such as LVHM, but is speculated to go public sometime in the future. Pop Mart, meanwhile, is best known for its Labubu doll collectibles, which have gone viral globally recently.

Pop Mart, which already went public in 2020, plans to break the stereotype of “Made in China” by highlighting its own IP in product design. The company sees itself becoming the “Disney of China” by creating a portfolio of unique IP and driving consumer interest through themed sales campaigns, especially its blind-box or lottery-based purchase system and influencer marketing tailored to Gen Z.

Notably, both HeyTea and Pop Mart share a similar market base as TikTok users overseas, and all are expanding rapidly.

A parallel, if less visible, trend is unfolding in algorithmic platforms built for global markets, particularly since the United States’ crackdown on TikTok. China-based platforms are using advanced recommendation systems and social graphs, modeled on domestic successes, to win overseas users. The lifestyle photo-sharing app, RedNote (Xiaohongshu in Chinese), is the most-watched company in this field, which intense speculation as to whether it might go public in Hong Kong. Originally a lifestyle and picture-sharing app popular among China’s Gen Z, it has seen a surge of overseas adoption, becoming branded in the U.S. as a home for “TikTok refugees.” The app has also quietly attracted global users disillusioned by data concerns or algorithm fatigue on alternative platforms. With curated aesthetics, e-commerce integrations, and strong peer influence features, Xiaohongshu is shaping a niche space where China’s algorithmic strengths meet global consumerist cultures.

Meanwhile, Chinese’ food delivery super-app, Meituan, launched its sister app, Keeta, to compete overseas. Since its creation, Keeta has begun deploying an aggressive expansion strategy, echoing the high-frequency, low-margin model that won Meituan dominance in China. Within two years of its launch, Keeta drove Uber Eats out of Hong Kong, leaving only Food Panda to reckon with the newcomer. In its next move, by subsidizing delivery fees and tightly managing logistics networks, Keeta aims to challenge incumbents like Rappi and Uber Eats in key Latin American markets, starting with Brazil and Colombia. Industry insiders believe Meituan is testing a hybrid model that blends Chinese operational efficiency with local partnerships, a sign of growing ambition among Chinese firms in emerging digital economies.

From IPOs in Hong Kong to social and service apps abroad, there is a strong sense of China’s evolving international playbook. Facing domestic slowdowns and headwinds, companies are turning to regional capital hubs and algorithmic exports to extend influence, access liquidity, and shape new consumer narratives.

Hong Kong, long seen as a barometer of East-West financial sentiment, is once again at the center of this pivot. As the city sees its strongest market performance in over three years, many investors are watching closely.

Whether driven by nostalgic tea brands or next-gen food delivery apps, China’s outward-facing commercial strategy is entering a new phase, one that blends finance, consumer culture, and code.