Group 1 - The core viewpoint of the news is that Baima Tea Industry, a well-known tea supplier in China, has successfully completed its IPO subscription, achieving a significant oversubscription of 1896 times with a total margin of at least HKD 853 billion [1] - Baima Tea plans to issue 9 million shares with a public offering accounting for 10%, at a price range of HKD 45 to 50 per share, aiming to raise a maximum of HKD 450 million [1] - The company is ranked first in China in terms of high-end tea sales revenue and has maintained leading positions in various tea categories for over a decade [1][2] Group 2 - The high-end tea market in China is experiencing rapid growth, with the market size projected to increase from approximately RMB 890 billion in 2020 to about RMB 1,031 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 3.7% [2] - Baima Tea aims to enhance its brand value and expand its product portfolio while continuing to innovate and digitize its operations to achieve its vision of becoming the world's leading tea company [2] Group 3 - According to the prospectus, approximately 35% of the funds raised from the global offering will be used for expanding and constructing new production bases, while 20% will enhance brand value and product offerings [3] - The company plans to allocate 15% of the funds for the expansion of its direct offline store network, focusing on flagship stores, and 10% for improving digital business operations [3]