Company Overview - On October 28, Baima Tea Co., Ltd. (stock code: 06980.HK) was listed on the Hong Kong Stock Exchange with an issue price of HKD 50, closing at HKD 93.35, representing an increase of 86.70% [2] - The company issued a total of 9,000,000 H-shares, with 900,000 shares allocated for the Hong Kong offering and 8,100,000 shares for the international offering [2] - As of the last feasible date, Baima Tea had a total of 3,716 offline stores, and online sales accounted for 35% of total sales in the first half of the year [2] Future Plans - Baima Tea plans to implement a "Thousand Cities, Ten Thousand Stores" initiative, aiming to add 1,500 new stores over the next three to five years and establish an intelligent production base to achieve full self-production across six major tea categories [2][3] Use of Proceeds - The proceeds from the global offering will be used for expanding production bases, enhancing brand value, expanding the product portfolio, funding the expansion of the direct offline store network, improving digital operations, and potential acquisitions or investments in the Chinese tea industry [3] Company Background - Baima Tea was founded in 1997 by brothers Wang Wenli and Wang Wenbin from the Wang family, which has a nearly 300-year history in tea production [3] - The company remains a family-owned business, with key positions held by members of the Wang family [3][4] Shareholding Structure - As of October 6, 2025, the controlling shareholders, including Wang Wenli, Wang Wenbin, and their family members, collectively hold 55.90% of the voting rights and 47.73% of the shares post-listing [4]