Core Viewpoint - The implementation of new IPO share allocation rules in Hong Kong has led to 17 Mechanism B new stocks being listed without any breaking below their issue price, indicating that market sentiment and liquidity have become more significant than fundamentals in the current environment [1]. Group 1: IPO Information - Company Name: Baima Tea (06980.HK) [1] - Industry: Tea [1] - Offering Date: October 20 to October 23 [1] - Total Shares Issued: 9 million, with 10% for public offering and 90% for international placement [1] - Offering Price: HKD 45 to 50 [1] - Market Capitalization: HKD 38.25 billion to 42.5 billion [1] - Price-to-Earnings Ratio: 17 times [1] - Minimum Subscription Amount: HKD 5,050 [1] - Listing Date: October 28 [1] - Sponsors: Huatai, Agricultural Bank of China, Tianfeng [1] Group 2: Company Overview - Baima Tea was established in 1997 and operates as a high-end tea chain brand covering the entire industry chain from cultivation to sales [2]. - The product range includes various types of tea and related products, forming a comprehensive tea product matrix [2]. Group 3: Market Position and Performance - Baima Tea's market share in the high-end tea sector has increased from approximately 1.1% in 2020 to about 1.7% in 2024, ranking first in China's high-end tea market by sales revenue [2]. - As of June 30, 2025, Baima Tea has 3,585 offline stores, including 244 direct-operated and 3,341 franchised stores, with a significant online presence [3]. Group 4: Financial Performance - Revenue increased from RMB 1.82 billion in 2022 to RMB 2.14 billion in 2024, while net profit rose from RMB 166 million to RMB 224 million during the same period [4]. - In the first half of 2025, revenue declined by 4.2% year-on-year to RMB 1.06 billion, and net profit fell by 17.8% to RMB 120 million, attributed to adjustments in offline store numbers and increased administrative expenses [5]. - The revenue structure is primarily composed of franchise business, online sales, and direct store sales, with franchise sales contributing around 50% of total revenue [5]. Group 5: Industry Trends - The Chinese tea industry is large but fragmented, with a market size of RMB 325.8 billion in 2024, expected to grow to RMB 407.9 billion by 2029, at a CAGR of approximately 4.6% [6]. - The high-end tea market is projected to grow from RMB 103.1 billion in 2024 to RMB 135.3 billion by 2029, with a CAGR of about 5.6% [6]. - The trend is shifting towards brand tea purchases and rapid growth in online channels, with the online tea market expected to exceed RMB 35 billion in 2024 [6]. Group 6: Investment Considerations - Baima Tea's market capitalization is HKD 42.5 billion, with a valuation of 17 times earnings, which may be considered high in a traditional industry with limited growth [7]. - The IPO is expected to attract significant interest, with a predicted oversubscription of 3,000 times [8].

Core Viewpoint - Baima Tea Industry has made significant progress in its listing process, having commenced a global offering on October 20, 2025, aiming to list on the Hong Kong Stock Exchange after multiple previous attempts in the A-share market [2] Group 1: Listing Details - Baima Tea plans to globally offer approximately 9 million H-shares, with 900,000 shares available for public offering in Hong Kong and 8.1 million shares for international offering [2] - The subscription period for the shares is from October 20 to October 23, 2025, with an expected listing date of October 28, 2025 [2] - The proposed price range for the shares is between HKD 45.0 and HKD 50.0, with an estimated net fundraising of HKD 368 million if priced at the median of HKD 47.5 [2] Group 2: Use of Proceeds - Approximately 35% of the net proceeds will be allocated to expanding and constructing new production bases [3] - About 20% will be used to enhance brand value and expand the product portfolio [3] - Around 15% is designated for funding the expansion of the company's direct retail store network, focusing on flagship stores [3] - 10% will be invested in improving the digital operations of the business [3] - Another 10% is earmarked for acquisitions or investments in participants within the Chinese tea industry [3] - The remaining 10% will be used for working capital and other general corporate purposes [3] Group 3: Company Performance - Baima Tea's revenue for the years 2022 to 2025 (first half) is reported as follows: RMB 1.818 billion, RMB 2.122 billion, RMB 2.143 billion, and RMB 1.063 billion respectively [5] - The total profit and comprehensive income for the same periods are RMB 166 million, RMB 206 million, RMB 224 million, and RMB 120 million respectively [5] - Baima Tea is recognized as a leading tea supplier in China, ranking first in high-end tea sales revenue and in the number of tea chain specialty stores as of 2024 [3]

Core Viewpoint - Baima Tea Industry plans to globally offer 9 million shares, aiming to raise approximately HKD 428 million for expansion and new production facilities [1] Group 1: Share Offering Details - The offering includes 900,000 shares for Hong Kong and 8.1 million shares for international investors [1] - The subscription period is from October 20 to October 23, with a maximum offer price of HKD 50 per share [1] - The entry fee for investors is approximately HKD 5,050.43 for a minimum lot of 100 shares [1] Group 2: Fundraising Purpose and Financials - The expected net proceeds from the offering are HKD 368 million, which will be used for expanding the company's production base and constructing new facilities [1] - Baima Tea Industry is projected to be listed on the main board by October 28, 2025 [1] Group 3: Underwriters - The joint sponsors for the offering include Huatai Financial Holdings (Hong Kong) Limited, Agricultural Bank of China International, and Tianfeng International Capital Market [1]

Core Viewpoint - The article provides information on the upcoming IPOs of several companies in Hong Kong, including their share prices, subscription dates, and financial details. Group 1: Company Information - Dipo Technology (01384.HK) plans to globally offer 26.632 million H-shares with a price of HKD 26.66 per share, expecting to start trading on October 28, 2025 [2] - Sany Heavy Industry (06031.HK) intends to globally offer 580 million H-shares at a price range of HKD 20.30-21.30, with trading expected to commence on October 28, 2025 [6][10] - Eight Horses Tea (06980.HK) aims to globally offer 9 million H-shares priced at HKD 45-50, with trading also set to begin on October 28, 2025 [12] - Cambridge Technology (06166.HK) plans to globally offer 67.0105 million H-shares with a maximum price of HKD 68.88, expecting to start trading on October 28, 2025 [16][20] Group 2: Financial Performance - Dipo Technology reported revenues of RMB 100.47 million, RMB 129.04 million, RMB 242.93 million for 2022, 2023, and 2024 respectively, with a loss of RMB 655.23 million in 2022 [6] - Sany Heavy Industry's total revenues were RMB 80,838.53 million, RMB 74,018.94 million, and RMB 78,383.38 million for 2022, 2023, and 2024 respectively, with profits of RMB 4,432.82 million in 2022 [11] - Eight Horses Tea's revenues were RMB 1,817.54 million, RMB 2,122.31 million, and RMB 2,143.26 million for 2022, 2023, and 2024 respectively, with net profits of RMB 165.85 million in 2022 [15] - Cambridge Technology's revenues were RMB 3,783.74 million, RMB 3,085.36 million, and RMB 3,649.89 million for 2022, 2023, and 2024 respectively, with net profits of RMB 171.11 million in 2022 [21]

八馬茶業股份有限公司 Bama Tea Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 6980 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 閣下對本招股章程任何內容如有任何疑問，應尋求獨立專業意見。 Bama Tea Co., Ltd. 八馬茶業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 本招股章程連同本招股章程附錄七「送呈公司註冊處處長及展示文件」一段所述文件，已按香港法例第32章公司（清盤及雜項條文）條例第342C條規定，送交香 港公司註冊處處長登記。香港證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上文所提及任何其他文件內容概不負責。 預期發售價將由整體協調人（為其本身及代表包銷商）與本公司於定價日協議釐定。預期定價日為2025年10月24日（星期五）（香港時間）或前後，且無論如何不 遲於2025年10月24日（星期五）中午十二時正（香港時間）。發售價將不高於每股發售股份50.00港元，且目前預期不低於每股發售股份45.00港元。香港發售股 份的申請人可能須於申請時（視乎申請渠道而定）就每 ...

Bama Tea Co., Ltd. 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 除本公告另有界定者外，本公告所用詞彙與八馬茶業股份有限公司（「本公司」）所刊發日期為 2025年10月20日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並非招股章 程。有意投資者於決定是否投資於發售股份前，務請細閱招股章程以了解下文所述有關本公司 及全球發售的詳細資料。任何有關發售股份的投資決定應僅依據招股章程所提供的資料作出。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並非且不旨在構成或組成在美國或任何其他司法權區要約出售任何證券或 招攬購買或認購任何證券的一部分。發售股份不曾亦不會根據1933年美國證券法（經不時修訂） （「美國證券法」）或美國任何州或其他司法權區的證券法進行 ...