Yesterday, the new tea drink brand "Tea Baidao" was "bleeding and listed" in Hong Kong.
One hour after the founder Wang Xiaokun and his wife rang the bell, the stock price fell by 38%, the market value evaporated by nearly forty percent, and the profits of three years were lost.
Before the listing, Wang Xiaokun had tried to find a "cornerstone investor" for Chabaidao, that is, an investor who could buy a large amount of original shares and promised not to sell them for a period of time, but was politely rejected by a powerful investment bank.
The lack of "cornerstone investors" means that Chabaidao will definitely fall after its listing. Although Wang Xiaokun has done a good job of psychological construction, he still didn't expect to fall so badly.
To the embarrassment of Hong Kong stocks, even with such poor performance, Chabaidao is still the largest IPO this year, raising a total of HK$2.586 billion. And 6 years ago, Xiaomi easily raised 100 billion Hong Kong dollars.
What makes Hong Kong stocks even more embarrassed is that this year, there are a bunch of milk tea brands waiting to be listed, such as Mixue Bingcheng, Bawang Chaji, Chayan Yuese, Shanghai Auntie, and Gu Ming, which gives people the impression that Hong Kong stocks are surrounded by milk tea companies.
So, why are so many bubble tea brands queuing up to list in Hong Kong this year?
One is that A-shares do not seem to welcome milk tea brands, and it is a last resort to switch to Hong Kong stocks.
The "milk tea leader" Mixue Bingcheng once submitted its statement on the A-share market in 2022, intending to be listed on the main board of Shenzhen and becoming the "first A-share new tea drink".
Different from the general milk tea brands that play with the supply chain and brand authorization, Mixue Bingcheng has its own factories in the upstream, which is an asset-heavy model preferred by A-shares.
At first, the outside world judged that Mixue had a high probability of success, but after waiting for nearly a year, Mixue was still in the stage of submitting the form. The signal is obvious, and Mixue Bingcheng was forced to switch to Hong Kong stocks.
The strong Mixue Bingcheng has not yet been able to realize the A-share dream, let alone other brands. As a result, everyone has switched to Hong Kong stocks with more room for operation and a more complex environment.
It should be noted that last year, everyone also saw the situation of Hong Kong stocks. It remains to be seen what impact the sudden emergence of so many new tea drinks will have on Hong Kong stocks this year.
The second is that the story of the new tea drink is coming to an end, and the early investors are in urgent need of cash.
In 2015, under the banner of new consumption, the milk tea industry shouted the slogan of "new tea drink".
Different from the traditional Hong Kong and Taiwan milk tea, "new tea drink" pays attention to the word "fresh". Grapefruit, grapefruit, watermelon, Da Hong Pao, Longjing, Oolong...... Stacking materials into milk tea cups, using the combination of fruit + pure tea to break consumers' inherent concept of milk tea, injecting fresh and healthy elements.
Such a hot track has attracted well-known investors such as Sequoia, Dragon Ball, and Meituan to enter the game, and the new tea drink has nearly 10 billion yuan of financing every year.
With the passage of time, the innovation power of "new tea drinks" is close to exhaustion, and all the fruits and tea bases that can be used in the market have been added to milk tea, and the remaining innovations have become permutations, combinations or superpositions between different fruits and tea bases.
So much so that some netizens ridiculed: The new tea drink is now more and more like eight-treasure porridge.
It can be seen that the market for new tea drinks has entered a mature stage. At this time, it is the best time to go public and realize and return investors.
The third is that new tea brands need to reserve funds for the next stage of competition.
If new tea brands want to maintain growth, they must either continue to expand the number of stores and compete in the existing market, or enter new markets such as coffee and soft drinks to find a second growth curve.
For example, Chabaidao revealed plans to expand into the coffee market in the next three years in its prospectus, and other brands have also proposed different versions of the "10,000-store plan".
Whether it's expanding stores or entering new markets, you can't do without capital. At this time, if you don't go public as soon as possible, you will soon fall behind. Once a competitor gets the money and enters the next round of expansion, they will fall into a situation of passive defense.
Under the preemptive consideration, major new tea brands can't wait to pour into Hong Kong stocks.
But can Hong Kong stocks really "drink" so much milk tea?
Three years ago, Nai Xue's tea, the first new tea drink to land on the Hong Kong stock market, was hotly subscribed at the time of IPO, with a market value of more than HK $30 billion. But now the market value is only 4 billion.
Yesterday, the second tea Baidao that landed in Hong Kong stocks directly broke 38% and lost 3 years of profits, once again breaking the dream of the new tea drink bosses - the money of this shareholder is really not so easy to make.
Author: 9527