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]

据港交所10月12日披露，八马茶业通过港交所主板上市聆讯，华泰国际、农银国际、天风国际为联席保 荐人。 该公司主要向加盟商、电商平台、通过直营在线及线下门店的零售消费者出售产品。消费者在线下门店 消费后，可以成为八马茶业线下门店会员。此外，消费者可通过各种在线渠道注册成为会员。截至最后 实际可行日期，其会员人数已超过2600万人。 根据招股书披露，八马茶业们是中国知名的茶叶供货商，产品全面覆盖中国六大品类茶叶以及茶具、茶 食等非茶叶产品。 根据销售收入计，中国高端茶叶市场呈现出快速的发展势头，市场规模由2020年的约人民币890亿元增 长至2024年的约人民币1,031亿元，复合年增长率约为3.7%，预计将达到2029年的约人民币1,353亿元， 2024年至2029年复合年增长率为约5.6%。八马茶业凭借在品牌价值、制茶技艺、产品开发能力、规模 化经营能力、渠道运营能力、跨区域拓展能力、供应链管理能力、数字化销售平台和人才队伍等方面建 立的优势，取得了"高端中国茶全国销量第一"的市场地位。 八马茶业收入由截至2022年12月31日止年度的人民币约18.18亿元增长至截至2023年12月31日止年度的 人民币 ...

智通财经APP获悉，据港交所10月12日披露，八马茶业通过港交所主板上市聆讯，华泰国际、农银国 际、天风国际为联席保荐人。 根据招股书披露，八马茶业们是中国知名的茶叶供货商，产品全面覆盖中国六大品类茶叶以及茶具、茶 食等非茶叶产品。 根据销售收入计，中国高端茶叶市场呈现出快速的发展势头，市场规模由2020年的约人民币890亿元增 长至2024年的约人民币1,031亿元，复合年增长率约为3.7%，预计将达到2029年的约人民币1,353亿元， 2024年至2029年复合年增长率为约5.6%。八马茶业凭借在品牌价值、制茶技艺、产品开发能力、规模 化经营能力、渠道运营能力、跨区域拓展能力、供应链管理能力、数字化销售平台和人才队伍等方面建 立的优势，取得了「高端中国茶全国销量第一」的市场地位。 该公司主要向加盟商、电商平台、通过直营在线及线下门店的零售消费者出售产品。消费者在线下门店 消费后，可以成为八马茶业线下门店会员。此外，消费者可通过各种在线渠道注册成为会员。截至最后 实际可行日期，其会员人数已超过2600万人。 八马茶业收入由截至2022年12月31日止年度的人民币约18.18亿元增长至截至2023年12月3 ...

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]