The company, also known as Chabaidao or ChaPanda, had priced its shares at $17.50 Hong Kong dollars ($2.23) apiece, but they plunged as low as $10.80 Hong Kong dollars ($1.38) in the first two hours of trading on the Hong Kong stock exchange.
Bubble tea (also called “black pearl tea” or “boba tea”) originated in Taiwan in the 1980s, but has since found millions of devotees around the world.
In January, two of China’s most popular bubble tea brands, Mixue Group and Guming Holdings, applied for IPOs on Hong Kong’s stock exchange.
Another Chinese bubble tea maker, Nayuki, has lost 88% of its stock market value since going public in Hong Kong in 2021.
“The overall turnover and valuation of the (Hong Kong) stock market, which depend on the market liquidity, i.e.
Persons:
Baidao, Frost, Frost & Sullivan, Robert Lui, “, ”, Laura
Organizations:
London CNN —, Hong, Frost &, China, Franchise Association . Stock, Mixue, Guming Holdings, Deloitte
Locations:
Sichuan, Hong Kong, Chengdu, Taiwan, China, Hong, Dealogic, Shanghai, Shenzhen