(Yicai Global) Sept. 8 -- China's two major milk tea chains, Hey Tea and Nayuki, are seeking to list on the Hong Kong stock market in 2021, according to a market rumor that Nayuki staffers refuted today. Hey Tea has yet to wade in on the speculation.

"Nayuki currently has no plans relevant to the rumors about going public in Hong Kong," Beijing News reported today, citing company personnel.

Nayuki has given the same short shrift to such rumors before. When Luckin Coffee former Chief Technology Officer He Gang joined the bubble tea chain on July 17, speculation was rife this may have been to gear it up for a listing. He was to lead the technical team to help Nayuki's digital construction and no plans exist to list in the short term, the company said by way of comment on the rumors.

Founded in 2015, Shenzhen, Guangdong province based Nayuki’s Chairman Peng Xin holds 44 percent of the shares and co-founder Zhao Lin holds 44 percent. The company’s latest financing round on June 9 valued it at nearly USD100 million, according to company information platform Tianyancha.

Founded in 2018, Shenzhen-based Hey Tea has held four funding sessions to date. In August 2016, Investoday and IDG Capital plugged CNY100 million (USD15 million) into the company to give it an about CNY1 billion valuation. Hey Tea got investment in its most recent C-round financing from Hillhouse Capital, which valued it at over CNY16 billion.

Editor: Ben Armour