In this IPO, Mixue Ice City introduced five cornerstone investors, including Long-Z Fund I under Meituan Longzhu, Sequoia China and HHLR Fund under Hillhouse Capital, who subscribed a total of US$200 million (approximately HK$1.558 billion). Among them, Hillhouse Capital and Meituan Longzhu are both shareholders who have re-invested. After this round of investment, Hillhouse Capital has become the largest external institutional shareholder of Mixue Ice City.