Mixue will begin gathering investors for its initial public offering in Hong Kong by the end of February, Reuters reported Tuesday, citing three sources with direct knowledge of the matter.

The bubble tea giant is seen to raise $500 million from the offering and start trading in Hong Kong in March, the report said, citing a source.

Mixue initially intended to raise as much as $1 billion from the IPO but trimmed the share sale size as the bubble tea maker does not desperately need cash, Reuters said, citing two of the sources.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)