Partners Group, a major player in global private markets, announced that its portfolio company, Green Tea Group Limited (a popular casual dining brand in China), started trading on the Hong Kong Stock Exchange on May 16, 2025. The company’sCompany’s stock is listed under the ticker 6831 after its initial public offering (IPO).
Green Tea’s IPO offered 168,364,000 shares, priced at HKD 7.19 each. Right after the IPO and before any additional shares are sold, Partners Group owns about 15.76% of Green Tea.
Founded in 2008 with the opening of its first restaurant in Hangzhou, China, Green Tea serves fusion cuisine in a traditional dining environment from over 490 outlets across 140 cities. Green Tea has over 12,500 employees across its operations and serves around 68 million customers annually.
Partners Group bought a significant minority stake in Green Tea in 2017 and has helped the Company grow its number of restaurants by eight times since then. Green Tea offers good value meals and designs restaurants and menus to make customers spend around RMB 56 each. This strategy has helped Green Tea expand into more cities across China, driven by trends like higher incomes. Along with growing the restaurant count, Partners Group has helped improve Green Tea’s marketing, customer offerings, and entry into new markets, including Hong Kong. Green Tea plans to use the money raised from its IPO to expand its restaurant network, build a central food processing facility, and upgrade its technology systems.
Sheng Liu, Managing Director, Private Equity, Partners Group, says: “This IPO represents a significant milestone in Green Tea’s history. Following our original investment, we drew on our operational expertise and track record in the global food and restaurant sectors to support Green Tea stores’ rapid rollout alongside other value-creation initiatives. Green Tea is entering today’s public market with institutionalized processes, significant resilience, and a strong cash flow profile. We believe the Company has the right foundations and will continue supporting its growth journey with the management team and other shareholders.”
Qinsong Wang, Chief Executive Officer of Green Tea, comments: “As part of our growth plan over the last few years, we created a store expansion framework that is built around a high level of standardization and repeatability. This has enabled us to increase our network sustainably whilst also leaving room to introduce new concepts and layouts to improve overall customer experience. We have never lost sight of our overarching aim to provide an accessible, healthy, and high-quality menu. We have benefited from the strong support from Partners Group and look forward to welcoming our new shareholders as we embark on further growth initiatives.”
Partners Group’s private equity business has USD 78 billion in AuM globally.
About Partners Group
Partners Group is one of the largest firms in the global private markets industry, with around 1,800 professionals and over USD 150 billion in assets worldwide. The Company manages various investment programs in areas like private equity, private credit, infrastructure, real estate, and royalties.
Based in Switzerland with a central office in Colorado, Partners Group stands out from other firms in the industry. The Company uses its unique culture and hands-on approach to find promising investment opportunities and help businesses and assets become market leaders.
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