Core Viewpoint - Baima Tea Industry successfully listed on the Hong Kong Stock Exchange, raising HKD 450 million with a share price increase of 86.70% on the first day of trading, resulting in a market capitalization of HKD 7.935 billion [1] Company Overview - Founded in 1997 by Wang Wenli and Wang Wenbin, Baima Tea specializes in high-end tea products, including various types of tea and related products [1] - As of October 6, 2025, Baima Tea operates 3,716 offline stores, ranking first among Chinese tea companies in terms of the number of tea chain specialty stores [1] Listing Journey - Baima Tea's path to listing faced challenges, including failed attempts to list on the Shenzhen Stock Exchange and New Third Board, as well as a withdrawal of its application for the Growth Enterprise Market [2] - The company shifted its focus to the Hong Kong market, submitting its application in January 2023 and successfully listing in October 2023 [2] Fund Utilization - The funds raised from the IPO will be used for expanding production facilities, enhancing brand value, expanding the product portfolio, and improving digital operations [2] Financial Performance - In the first half of 2025, Baima Tea reported a slight revenue decline of 4.2% year-on-year, totaling CNY 1.063 billion, with a net profit decrease of 17.8% to CNY 120 million [2] Shareholder Structure - Baima Tea is a family-owned business, with the Wang family holding 49.98% of the shares as controlling shareholders [3] Related Business Connections - The company disclosed relationships with other firms, including Seven Wolves and Anta Sports, through family ties among the controlling shareholders [4]
八马茶业登陆港交所，上市首日涨超80%