Founder of Mr. Savage Denies HK IPO Rumors: "No Concrete Plans or Timetable"

On August 6, Cui Jianwei, founder of artisanal ice cream brand Mr. Savage, addressed IPO rumors in an interview with The Paper: "Mr. Savage remains a small player with absolutely no IPO plans or concrete timetable. Moreover, we never set store-opening targets—we focus on running each outlet well and pursuing organic, sustainable growth."

Earlier reports noted Mr. Savage had posted a job listing for a financial auditor (HK IPO-focused) on BOSS Zhipin, sparking speculation about a potential Hong Kong listing—a path aligned with recent IPOs by Chinese new consumer brands.

The brand, originally named Savage Ranch, was founded in 2011 at Beijing's Wudaokou. It pioneered a "made-daily, sold-hourly" model with self-operated dairy farms, redefining premium ice cream standards. Media reports indicate Mr. Savage maintains ≥60% gross margins with 12-month breakeven periods—on par with Mixue Bingcheng's 60-70% margins and higher than Chagee's ~50%.

Cui confirmed to The Paper: "Our 60% gross margin reflects industry norms, especially as Gelato chains are still in early-stage development in China."

With products priced at ¥28-38, Cui defended the premium pricing: "We've maintained these prices since 2015. Yes, ¥38 is expensive—even ¥28 is steep—but we use seasonal premium fruits. Without top ingredients, our model wouldn’t work. As a startup, we’ve priced based on calculated costs and margins."

iiMedia Research data shows China's ice cream market hit ¥183.5B in 2024 (projected ¥233.4B by 2030), with Gelato growing at 10% annually to surpass ¥12B. Analysts attribute this to rising disposable incomes and snack demand.