八马茶业港股IPO招股书失效，上市之路再遇波折

Core Viewpoint - Eight Horses Tea's IPO application in Hong Kong has become ineffective after six months, pausing its listing process and marking the fourth failed attempt to go public, following three unsuccessful attempts in the A-share market [2][8][16]. Group 1: IPO Journey - Eight Horses Tea submitted its IPO application to the Hong Kong Stock Exchange on January 17, but the application has now lapsed [2][3]. - This marks the fourth attempt by Eight Horses Tea to enter the capital market, with previous attempts in 2013, 2021, and 2022 all failing [8][12]. - The company was required to supplement its application with additional information, including details on past capital increases and share transfer pricing [14][16]. Group 2: Financial Performance - Eight Horses Tea has shown revenue growth in 2022, 2023, and the first three quarters of 2024, with revenues of 1.818 billion, 2.122 billion, and 1.647 billion RMB respectively [24]. - Net profits for the same periods were 166 million, 206 million, and 208 million RMB, indicating a slowdown in growth momentum [24]. - The company's reliance on offline channels and franchisees is significant, with offline revenue accounting for approximately 70% of total revenue, while the gross margin from franchise sales was only 46% in the first three quarters of 2024 [25][26]. Group 3: Industry Challenges - The tea industry in China faces significant challenges in going public, with many tea companies struggling to complete their IPOs [30][34]. - Eight Horses Tea has faced scrutiny regarding its franchise model and related party transactions during previous IPO attempts, which have contributed to its repeated failures [36][37]. - The company has three months to update its financial data and resubmit its application, but it faces challenges beyond just updating information, particularly in balancing scale and risk [38][40].