Chinese bubble tea chain Naixue Tea – also known as Nayuki – is eyeing a listing in the US.

The move could raise around US$400 million in capital, although many important details of the potential offering remain in flux as private discussions continue between the firm and its advisors.

Naixue, which sells fresh fruit tea, cold-brew tea and cheese-tea blends as well as bakery items, operates more than 230 locations within China. The firm was launched in 2010 by Shenzhen Pindao Restaurant Management. 

Sources familiar with the transaction asked not to be identified, as the potential listing is still being discussed in private. Any plans may be impacted by the current coronavirus outbreak, which is still having a major effect on business within the country.