Core Insights - Baima Tea's stock price has experienced significant volatility since its listing, with a peak increase of 86.7% on the first day, followed by a nearly 50% decline in the subsequent trading days, resulting in a market capitalization drop of approximately 53.72 billion HKD [1][2] Company Overview - Baima Tea is a national chain brand enterprise engaged in the research, design, standard output, and retail of various tea products, covering all categories of tea and related products [1] - According to its prospectus, Baima Tea ranks first in high-end tea sales revenue in China for 2024 and holds multiple segment sales championships [1] Market Position - Despite leading positions in several segments of the high-end tea market, Baima Tea's market share is relatively low, accounting for 1.7% of the total market, which is projected to reach 103.1 billion CNY in 2024 [2] - The top five companies in the high-end tea market collectively hold a market share of 5.6% [2] Franchise Expansion - There are signs of slowing expansion among Baima Tea's franchisees, with a significant decrease in the number of new franchise stores added in 2024 compared to 2023 [2] - The number of directly franchised stores increased by only 5 in 2024, a sharp decline from 265 in 2023 [2] Financial Performance - For the first half of 2025, Baima Tea reported a revenue of 1.063 billion CNY, a year-on-year decline of 4.2%, and a net profit of 120 million CNY, down 17.8% year-on-year [4] - The revenue decrease is attributed to a reduction in sales from self-operated offline stores [5] Stock Liquidity - Baima Tea announced a full circulation plan for H-shares shortly after its listing, which involves converting 31.9331 million domestic shares into H-shares, potentially increasing the total tradable shares from 52.9869 million to 84.92 million [5]

Core Viewpoint - Dekang Agriculture (02419) has submitted an application to the China Securities Regulatory Commission (CSRC) to convert certain domestic shares into H-shares, aiming for listing and trading on the Hong Kong Stock Exchange after obtaining all necessary approvals [1] Group 1 - The application was submitted on November 10, 2025 [1] - The conversion of domestic shares to H-shares is contingent upon receiving approvals from the CSRC and the Hong Kong Stock Exchange, as well as compliance with applicable laws and regulations [1] - Following the conversion, the company will apply for the listing and trading of these H-shares on the Hong Kong Stock Exchange [1]

Core Viewpoint - Dekang Agriculture (02419.HK) has submitted an application to the China Securities Regulatory Commission to convert certain domestic shares into H-shares, aiming for listing and trading on the Hong Kong Stock Exchange [1] Group 1 - The application was submitted on November 10, 2025 [1] - The conversion and listing will proceed upon obtaining all necessary approvals from the China Securities Regulatory Commission and the Hong Kong Stock Exchange, as well as compliance with applicable laws and regulations [1] - According to the company's articles of association, no additional shareholder meeting is required for approval of the conversion and listing [1]

Core Viewpoint - Eight Horses Tea Industry (06980.HK) has faced a significant decline in stock price and performance after its IPO on October 28, 2025, despite being recognized as a leading player in the high-end Chinese tea market [2][3][10]. Company Performance - The company experienced a 49% drop in stock price from a peak of 115 HKD per share on October 30 to 58.50 HKD on November 7, 2025 [2][10]. - For the first half of 2025, Eight Horses reported a revenue of 1.06 billion CNY, a decrease of 4.20% year-on-year, and a net profit of 120 million CNY, down 17.81% year-on-year [11]. - The company's advertising expenses from 2022 to mid-2025 totaled 875 million CNY, with a significant portion allocated to marketing efforts [11][12]. Market Position - Eight Horses Tea is recognized as the top seller in the high-end tea market in China, holding the first position in sales revenue for Oolong and black tea as of 2024 [5][11]. - Despite being the market leader, the company's market share in the high-end tea segment is only 1.7%, indicating a highly competitive environment [11]. Franchise and Store Expansion - As of October 12, 2025, Eight Horses operated 3,716 offline stores, with 93.70% being franchise stores [12]. - The number of franchisees has shown a decline, with a net decrease of 24 franchisees in the first half of 2025, contrasting with previous years' growth [12]. IPO Journey - The company took 13 years to complete its IPO journey, initially attempting to list on the Shenzhen Stock Exchange before finally listing on the Hong Kong Stock Exchange [6][7]. - The IPO raised 450 million HKD at an initial price of 50 HKD per share, but the stock's performance has been disappointing post-listing [7][10].

Group 1 - The core point of the article is that Baima Tea's stock experienced significant volatility on November 5, opening at 79 HKD per share, reaching a high of 83.95 HKD, and a low of 75 HKD, with a trading range of 11.33% [1][2] - As of 10:35 AM, Baima Tea's stock price decreased by 1.77%, trading at 77.6 HKD per share, with a total market capitalization of approximately 6.545 billion HKD [1][2] - The stock's average price during the trading session was 79.077 HKD, indicating a decline of 1.4 HKD from the previous close [2] Group 2 - Baima Tea recently announced that its board has approved a full circulation plan for H-shares and will submit a filing to the China Securities Regulatory Commission by October 30, 2025, involving the conversion of 31.9331 million domestic shares held by 11 shareholders into H-shares, which represents about 37.57% of the company's total issued shares [4]

Core Viewpoint - Baima Tea Industry has experienced significant stock price declines shortly after its listing on the Hong Kong Stock Exchange, with a drop of over 30% from its peak shortly after the IPO [5][15]. Company Overview - Baima Tea Industry was established in 1997 and claims to be "the largest high-end tea supplier in China by 2024," selling tea and related products through 3,716 offline stores nationwide [7][15]. - The company went public on October 28, 2023, after multiple unsuccessful attempts to list on the A-share market [7]. Stock Performance - After an initial surge to 115 HKD per share post-IPO, the stock has faced a downward trend, with a notable drop to 79 HKD on November 5, 2023, reflecting a volatility of 11.33% during trading [2][5]. - The stock's decline is attributed to the company's application for a full circulation plan for H-shares shortly after listing, which raised concerns about potential selling pressure from shareholders [5][8]. H-share Full Circulation Plan - Baima Tea Industry's board approved a plan to convert 31,933,100 domestic shares into H-shares, representing approximately 37.57% of the total issued shares [7][8]. - If approved, the total circulating shares would increase from 52,986,900 to 84,920,000, marking a potential increase of 60% in market liquidity [8][10]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected at 1.818 billion, 2.122 billion, and 2.143 billion CNY, respectively, with a significant slowdown in growth anticipated, dropping from 16.72% in 2023 to just 0.99% in 2024 [15]. - In the first half of 2023, Baima Tea reported a revenue of 1.063 billion CNY, a year-on-year decrease of 4.42%, and a net profit of 120 million CNY, down 17.81% [15]. Franchise Expansion Challenges - The company relies heavily on its franchise model, with approximately 50% of its revenue generated from franchise sales [16]. - However, the growth rate of franchisees has slowed, with a decline in the number of franchisees from 1,252 in 2024 to 1,228 in the first half of 2025, indicating a potential issue in expansion [16][18]. - The company plans to add 1,500 new stores over the next three to five years, but market analysts express skepticism about this goal given the current slowdown in franchise growth [18]. Market Context - Other tea companies, such as Lincang Ancient Tea, have also faced significant stock price declines post-IPO, indicating broader challenges within the tea industry [17].

Core Viewpoint - The company, Eight Horses Tea Industry (06980), has approved a plan for full circulation of H-shares, converting 31,933,125 domestic shares held by 11 shareholders into H-shares, which represents approximately 37.57% of the total issued shares as of the announcement date [1] Group 1 - The board of directors has reviewed and approved the implementation of full circulation for H-shares [1] - The company plans to submit a filing application to the China Securities Regulatory Commission on October 30, 2025 [1] - The conversion involves 31,933,125 domestic shares held by 11 shareholders [1]

Core Points - Sunshine Insurance (06963) announced that on October 24, 2025, it was informed that the China Securities Regulatory Commission (CSRC) has received the company's application for the implementation of H-share full circulation [1] - As of the date of this announcement, the details of the H-share full circulation implementation plan have not yet been finalized [1]

Core Viewpoint - The company has submitted a filing application to the China Securities Regulatory Commission (CSRC) on October 24, 2025, to implement full circulation of H-shares, converting a total of 40,671,930 domestic shares into H-shares on a one-to-one basis [1] Group 1 - The conversion of 40,671,930 domestic shares into H-shares will occur upon completion of all filing requirements and obtaining necessary approvals, including from the CSRC and the Stock Exchange [1] - The converted H-shares will be listed and traded on the Stock Exchange [1]

Core Viewpoint - The stock of药捷安康-B (02617) experienced a significant decline, dropping over 11% during trading, with a current decrease of 9.74% to HKD 176.2, and a trading volume of HKD 591 million. The company announced plans to convert 44.9711 million domestic shares held by 10 shareholders into H-shares, representing approximately 11.33% of the total issued shares, pending regulatory approvals [1][1][1]. Group 1 - The company’s stock price fell sharply, with a notable drop of over 11% during trading hours [1] - As of the latest update, the stock is down 9.74%, trading at HKD 176.2, with a total transaction volume of HKD 591 million [1] - The board has approved an application to the China Securities Regulatory Commission for the conversion of domestic shares into H-shares, which will be eligible for listing and trading on the main board of the Hong Kong Stock Exchange [1][1][1] Group 2 - The stock had a strong rebound from October 16 to 17, with a cumulative increase of nearly 80% over two days [1] - The rebound was characterized as a violent surge driven by international short-term speculative funds, which were utilized by domestic major funds as an "exit window" [1] - The largest holding group did not participate in the buying but instead became the largest seller, indicating that the foundation of this rebound was weakened and reliant on subsequent speculative inflows [1][1][1]