China bubble tea chain Heytea taps UBS for $671 million Hong Kong IPO

HONG KONG (BLOOMBERG) - Heytea, the Chinese bubble tea maker, has tapped UBS Group for its potential Hong Kong initial public offering (IPO) as soon as next year, according to people familiar with the matter. The company, which is famous for its cheese-foam teas, could raise at least US$500 million (S$671 million) in an IPO, the people said, asking not to be identified as the information is not public. Plans are still preliminary and other banks that have had discussions with Heytea could be added to the line-up, the people said. Details of the potential IPO such as size and…