Core Viewpoint - Baima Tea Industry (6980.HK) is set to become the first high-end Chinese tea stock listed in Hong Kong, with its shares experiencing a maximum increase of 100% in the dark market, reaching HKD 100 [1] Group 1: Company Overview - Baima Tea Industry, founded in 1997, originates from a 300-year-old tea-making family and is recognized as the largest high-end tea company in China and a time-honored brand [1] - The company leads the high-end tea market in sales revenue, number of tea chain stores, and in the oolong and black tea segments, with over 3,700 chain stores covering all provinces in mainland China [1] Group 2: Market Performance - During the public offering period, Baima Tea attracted 169,000 applications for 900,000 shares, resulting in an oversubscription of 2,684 times and raising HKD 120 billion, setting a new record for tea company IPOs in Hong Kong [1] - Baima Tea's sales revenue for Tieguanyin has ranked first in the nation for over 10 consecutive years, while Wuyi Rock Tea and black tea have held the top position for 5 and 4 years respectively [1]

Core Viewpoint - Baima Tea Industry (6980.HK), the leading high-end tea company in China, has achieved a record-breaking IPO with a subscription amount of HKD 864.53 billion, oversubscribed by over 1920 times, setting a new record in the Hong Kong tea industry [1] Company Overview - Established in 1997, Baima Tea Industry is the largest high-end tea enterprise in China, focusing on the research, design, standard output, and brand retail of tea and related products [1] - The company has developed a leading "full-category, multi-brand" product matrix, covering six major tea types: Oolong, black, red, green, white, and yellow tea, along with non-tea products such as tea utensils, tea food, and tea beverages [1] IPO Details - The IPO involves the issuance of 9 million H-shares, with 10% allocated for public offering in Hong Kong and the remainder for international placement [1] - The share price is set between HKD 45 and HKD 50, aiming to raise a maximum of HKD 450 million, with an entry fee of HKD 5,050.43 for one lot of 100 shares [1] - The expected listing date is October 28 [1] Investor Interest - Prior to the IPO, Baima Tea Industry has attracted interest from several prominent investors, including top financial investment institutions, industrial capital, and professional financial institutions [1] - Notable shareholders include IDG Capital (6.87%), Tiantu Capital (4.74%), Yancheng Capital (3.00%), New Hope (3.00%), Fujian Qipiwolf and affiliates (4.56%), and GF Securities (1.07%) [1]

Core Viewpoint - Baima Tea Industry has successfully passed the listing hearing on the Hong Kong Stock Exchange, with Huatai International, Agricultural Bank of China International, and Tianfeng International as joint sponsors [1] Industry Overview - Baima Tea Industry is a well-known tea supplier in China, offering a comprehensive range of products that cover six major categories of tea, as well as tea utensils and non-tea food products [3] - The high-end tea market in China is experiencing rapid growth, with the market size projected to increase from approximately RMB 89 billion in 2020 to about RMB 103.1 billion by 2024, representing a compound annual growth rate (CAGR) of approximately 3.7%. It is expected to reach around RMB 135.3 billion by 2029, with a CAGR of about 5.6% from 2024 to 2029 [3] Company Performance - Baima Tea Industry has established a leading market position as the "highest-selling high-end Chinese tea" brand, leveraging advantages in brand value, tea-making skills, product development, operational scale, channel management, regional expansion, supply chain management, digital sales platforms, and talent [3] - The company primarily sells products to franchisees, e-commerce platforms, and directly to retail consumers through online and offline stores. As of the latest feasible date, the number of members has exceeded 26 million [3] Financial Performance - Revenue increased from approximately RMB 1.818 billion for the year ending December 31, 2022, to about RMB 2.122 billion for the year ending December 31, 2023, and is projected to grow to approximately RMB 2.143 billion for the year ending December 31, 2024 [3][4] - Profit and total comprehensive income rose from approximately RMB 166 million for the year ending December 31, 2022, to about RMB 206 million for the year ending December 31, 2023, and is expected to reach approximately RMB 224 million for the year ending December 31, 2024 [4][6] - The company’s gross profit for the year ending December 31, 2023, is projected to be approximately RMB 1.110 billion, with a gross profit margin reflecting the growth in sales [6]

Core Viewpoint - Eight Horses Tea Industry is preparing for a listing on the Hong Kong Stock Exchange, with a strong market position in China's high-end tea sector and significant growth in revenue and profit projected over the coming years [1][3][4]. Industry Overview - The high-end tea market in China is experiencing rapid growth, with the market size expected to increase from approximately RMB 89 billion in 2020 to about RMB 103.1 billion by 2024, representing a compound annual growth rate (CAGR) of approximately 3.7%. By 2029, the market is projected to reach around RMB 135.3 billion, with a CAGR of about 5.6% from 2024 to 2029 [3]. Company Overview - Eight Horses Tea Industry is recognized as a leading supplier of tea in China, offering a comprehensive range of products that include six major categories of tea, tea utensils, and tea snacks [3]. - The company has established a strong market position as the "number one in national sales of high-end Chinese tea" due to its advantages in brand value, tea-making skills, product development, operational scale, channel management, regional expansion, supply chain management, digital sales platforms, and talent [3]. Financial Performance - Revenue for Eight Horses Tea increased from approximately RMB 1.818 billion for the year ending December 31, 2022, to about RMB 2.122 billion for the year ending December 31, 2023, and is projected to grow slightly to RMB 2.143 billion for the year ending December 31, 2024 [3][4]. - The company's profit and total comprehensive income rose from approximately RMB 166 million for the year ending December 31, 2022, to about RMB 206 million for the year ending December 31, 2023, with a further increase to RMB 224 million expected for the year ending December 31, 2024 [4][6]. - The operating profit is projected to grow from RMB 238 million in 2022 to RMB 295 million in 2023, and further to RMB 318 million in 2024 [6].

Core Insights - Baima Tea Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International, Agricultural Bank of China International, and Tianfeng International as joint sponsors [1] - The company ranks first in the high-end Chinese tea market in terms of sales volume for 2024 and is recognized as the most well-known tea brand in China [1] - Baima Tea has a comprehensive product range that includes various types of tea and related products, supported by a nationwide offline store network and an extensive online sales platform [1] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 1.818 billion, 2.122 billion, 2.143 billion, and 1.063 billion yuan respectively [2] - The profit and total comprehensive income for the same periods are approximately 166 million, 206 million, 224 million, and 120 million yuan respectively [2] Market Position - As of 2024, Baima Tea holds the top position in the number of tea chain specialty stores in China and ranks first in the sales of Oolong tea and black tea [1] - The company has maintained the highest sales of Tieguanyin tea for over 10 years, Wuyi rock tea for 5 years, and black tea for 4 years [1] - According to the 2024 China Customer Satisfaction Index report by Chnbrand, the "Baima" brand ranks first in brand awareness among chain tea brands in China [1]