Core Viewpoint - Green Tea Restaurant has officially listed on the Hong Kong Stock Exchange after five attempts, with an IPO price of HK$7.19 per share, but the stock has seen a decline since opening, indicating a lack of investor confidence [1][5]. Company Performance - The IPO price was set at HK$7.19, with the stock reaching a high of HK$7.20 and a low of HK$6.69, resulting in a current price of HK$6.79, reflecting a drop of approximately 5.56% and a market capitalization of about HK$45.73 billion [1][2]. - The company has projected net fundraising of approximately HK$1.21 billion, which will be used for expanding its restaurant network, establishing central food processing facilities, upgrading IT systems, and general corporate purposes [4][5]. Investor Interest - The public offering portion of the IPO saw a subscription rate of 282 times, with frozen funds amounting to HK$34.15 billion, setting a record for the Hong Kong consumer sector IPOs in 2025 [5]. - Eight cornerstone investors participated in the IPO, collectively locking in HK$673 million, indicating significant initial interest from institutional investors [3][4]. Financial Performance - Revenue projections for Green Tea Restaurant from 2022 to 2024 are HK$2.375 billion, HK$3.589 billion, and HK$3.838 billion, respectively, with profits expected to be HK$114 million, HK$296 million, and HK$350 million during the same period [5][6]. - The number of new store openings is projected to increase significantly, with 47, 89, and 120 new stores planned for 2022, 2023, and 2024, respectively [5][6]. Operational Challenges - The restaurant's table turnover rate has been declining, with rates of 2.81, 3.30, and 3.00 times from 2022 to 2024, compared to a historical rate of 6-8 times in 2013 [6]. - Analysts have raised concerns about the lack of strong brand differentiation, core technology, and a compelling capital story, which may contribute to the stock's underperformance [6].