五次递表，王文彬、王文礼家族终于圆了上市梦。10月28日，由王文彬、王文礼家族实控的八马茶业正 式登陆港交所。当天以80.1港元/股开盘，较发行价50港元/股上涨60.2%，盘中最高涨至97.9港元/股。截 至收盘，报收93.3港元/股，涨幅86.7%，全日成交额达3.55亿港元，总市值79.35亿港元。但相较于新式 茶饮的风光，茶叶市场尚未打破大产业小企业、强品类弱品牌的市场格局，在长期依赖手工制造的茶叶 行业，八马茶业们要突破天花板，在精细化与标准化中找到平衡；也要打破次元壁，在高端市场与年轻 消费群体之间实现兼得。 五次递表 本次八马茶业新股发行，资本市场反响热烈。截至招股结束，其公开发售获得2680.04倍超额认购，申 购资金1206亿港元，创下港股茶企新股最高认购纪录。八马茶业募资净额3.9亿港元，募资用途为用于 扩建公司的生产基地及建造新生产基地等。 公开资料显示，八马茶业成立于1997年，现已构建遍布全国的"直营+加盟"及"线上+线下"的全渠道销售 体系。通过数字化工具为终端门店赋能，八马茶业成为业内少数具备强大跨区域经营实力的企业。 招股书显示，2022—2024年及2025年上半年，八马茶业 ...

Core Viewpoint - Eight Horses Tea's IPO has received an overwhelming response, with a subscription rate of 2680.04 times and raised a net amount of HKD 390 million for expanding production facilities [3][4]. Company Overview - Eight Horses Tea was established in 1997 and has developed a comprehensive sales system combining direct sales, franchising, and online and offline channels [3]. - The company has a strong digital presence, empowering its retail stores through digital tools [3]. Financial Performance - Revenue projections for Eight Horses Tea from 2022 to the first half of 2025 are approximately CNY 1.818 billion, CNY 2.122 billion, CNY 2.143 billion, and CNY 1.063 billion respectively [3]. - Net profit for the same periods is expected to be around CNY 166 million, CNY 206 million, CNY 224 million, and CNY 120 million [3]. - The company's gross profit margins are relatively high, with rates of 53.3%, 52.3%, 55.0%, and 55.3% for the respective years [3]. Market Position and Strategy - Eight Horses Tea aims to address the "having categories but lacking brands" issue in the Chinese tea industry by implementing a "cultural elevation" strategy [7]. - The company has established a complete product matrix covering various tea types and related products, with its core brand "Eight Horses" leading in sales for several categories [7]. - The company has maintained a leading position in sales revenue for major tea categories, including Tieguanyin, Wuyi Rock Tea, and black tea [7]. Ownership and Governance - The controlling shareholders of Eight Horses Tea are members of the Wang family, with a combined voting power of 55.90% at shareholder meetings [5]. - The company has connections with the "Fujian business group," enhancing its market presence and credibility [6]. Industry Context - The traditional tea industry in China faces challenges in standardization, professionalization, branding, capitalization, and scaling [8]. - The choice to list on the Hong Kong Stock Exchange is attributed to its flexible listing process and higher acceptance of tea companies [4].