Core Insights - The recent land auction in Fuzhou's four urban districts raised a total of 3.488 billion yuan, with eight plots sold [1] - A specific plot in Cangshan District was acquired by Fuzhou Cangqianshan Real Estate Development Co., Ltd. for 68 million yuan, with a floor price of approximately 1,267 yuan per square meter [1] Group 1: Land Auction Details - The plot acquired has an area of 44.72 acres, a floor area ratio of 1.8, and a maximum building height of 36 meters [3] - The land is designated for refined tea manufacturing, with an investment intensity of 1.7953 million yuan per acre and a lease term of 30 years [3] - The winning bidder is required to hold the land in entirety, prohibiting subdivision, transfer, or mortgage [3] Group 2: Jasmine Tea Industrial Park - The Fuzhou Jasmine Tea Cangshan Industrial Park is the first specialized jasmine tea industrial park in the province, with the first phase officially launched on June 6, 2023 [5] - The first phase has attracted four tea enterprises, covering a total area of 27 acres and a building area of 33,000 square meters, with a total investment of 197 million yuan [5] - The second phase aims to create a comprehensive industrial chain integration park, enhancing services and infrastructure to attract more jasmine tea enterprises [7]

Core Viewpoint - Eight Horses Tea Co. is attempting its fifth IPO, aiming to list on the Hong Kong Stock Exchange after multiple failed attempts in the A-share market [2][6][5]. Company Overview - Eight Horses Tea plans to issue up to 29.13 million shares and convert 43.99 million shares held by 106 shareholders for overseas listing [2]. - The company has faced significant challenges in its previous IPO attempts, including three failed attempts in the A-share market and a recent failed submission due to regulatory issues [6][4]. Financial Performance - Eight Horses Tea reported revenues of 18.18 billion yuan in 2022 and 21.22 billion yuan in 2023, with a modest growth of 0.98% in the first three quarters of 2024 [9][10]. - The company's gross margin for franchise sales has declined from 51.25% in 2019 to 43.8% in 2022, indicating a significant drop of 8.86 percentage points over two years [10]. Market Position and Challenges - The company has seen a slowdown in the growth of its franchise network, with only 39 new franchisees added in the first three quarters of 2024, compared to 106 in 2022 [10]. - Despite the challenges in offline growth, Eight Horses Tea has experienced notable online revenue growth, achieving 5.53 billion yuan in the first three quarters of 2024, a 14.49% increase year-on-year [11]. Strategic Initiatives - Eight Horses Tea plans to expand its store network by adding 1,500 new stores over the next three to five years and has launched a sub-brand "Little Horse Tea Fun" to diversify its product offerings [10]. - The company is attempting to adapt to market trends influenced by the new tea beverage sector, which has seen a dual-channel growth model [11].