China’s bubble tea chain falters at its Hong Kong launch

100 different types of tea are called chabaidao.

China's bubble tea chain falters at its Hong Kong launch
China’s bubble tea chain falters at its Hong Kong launch
Sichuan Baicha Baidao, or Chabaidao, is a Chinese bubble tea chain. On its first day of trading on the Hong Kong Stock Exchange, the company’s shares had dropped by about 30%.The greatest initial public offering (IPO) in the Asian financial hub this year occurred with Chabaidao’s market debut.

The underwhelming performance highlights the challenges the city is facing in drawing in investment.

By retail sales, China’s third-largest fresh tea drink business is called Chabaidao, which translates to “100 varieties of tea.”

The Chengdu-based company raised over $330 million (£267 million) in the initial public offering (IPO), despite the IPO meeting with only moderate investor interest.

According to the company, about half of the funds will be used to improve operations and strengthen the supply chain.

Competing bubble tea companies Guming, Mixue, and Auntea Jenny have also announced their intention to offer Hong Kong-based equity.

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