The "second share of new tea drink" has broken!
On April 23, Chabaidao was officially listed on the main board of the Hong Kong Stock Exchange, becoming the second new tea brand to be listed after Nai Xue's tea, but its performance on the first day of listing was not satisfactory.
At the opening of the Hong Kong stock market, Chabaidao fell below the issue price of HK$17.5, and as of the close, the stock price had fallen by more than 26% to HK$12.8, with a market value of only HK$18.91 billion.
Tea Baidao stock price chart on the 23rd.
Down more than 26%
There are retail investors with a floating loss of HK$4.7 million
According to public information, Tea Baidao was founded by Wang Xiaokun and Liu Weihong, and the first store opened in Chengdu, Sichuan Province in 2008, mainly through the franchise model to expand the network.
In August 2023, Chabaidao submitted its prospectus to the Hong Kong Stock Exchange for the first time. On March 24, 2024, it passed the hearing of the Hong Kong Stock Exchange.
According to the prospectus documents, from 2021 to 2023, Chabaidao will achieve revenue of 3.644 billion yuan, 4.232 billion yuan, and 5.704 billion yuan respectively, and adjusted net profit of 900 million, 970 million and 1.26 billion yuan respectively.
As of April 5, 2024, Chabaidao has a total of 8,016 stores in China (including 6 directly operated stores and 8,010 franchised stores), achieving full coverage in all provinces and tier-level cities in China. In 2023, the total sales volume of Chabaidao stores will be 1.016 billion cups, and the total retail sales will reach about 16.9 billion yuan.
Screenshot of the prospectus document.
According to Frost & Sullivan's report, in terms of retail sales in 2023, Chabaidao ranks third in China's freshly made tea shop market, with a market share of 6.8%.
The reporter noticed that although it is the largest IPO raised by Hong Kong stocks this year, the enthusiasm of retail investors is not high. According to the disclosure of Chabaidao, the winning rate of the stock issuance is 100%. According to media reports, when the new shares of Chabaidao were subscribed, there was a situation where they were not fully subscribed.
It is worth mentioning that the announcement of the distribution results of Chabaidao shows that one person subscribed for 1 million shares, which also means that the investor's book loss reached HK $4.7 million.
Source: China News Network Editor: Hang Qi Editor: Lai Ting Review: Lu Hongmei
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