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 - Baima Tea Industry successfully listed on the Hong Kong Stock Exchange, raising HKD 450 million with a share price increase of 86.70% on the first day of trading, resulting in a market capitalization of HKD 7.935 billion [1] Company Overview - Founded in 1997 by Wang Wenli and Wang Wenbin, Baima Tea specializes in high-end tea products, including various types of tea and related products [1] - As of October 6, 2025, Baima Tea operates 3,716 offline stores, ranking first among Chinese tea companies in terms of the number of tea chain specialty stores [1] Listing Journey - Baima Tea's path to listing faced challenges, including failed attempts to list on the Shenzhen Stock Exchange and New Third Board, as well as a withdrawal of its application for the Growth Enterprise Market [2] - The company shifted its focus to the Hong Kong market, submitting its application in January 2023 and successfully listing in October 2023 [2] Fund Utilization - The funds raised from the IPO will be used for expanding production facilities, enhancing brand value, expanding the product portfolio, and improving digital operations [2] Financial Performance - In the first half of 2025, Baima Tea reported a slight revenue decline of 4.2% year-on-year, totaling CNY 1.063 billion, with a net profit decrease of 17.8% to CNY 120 million [2] Shareholder Structure - Baima Tea is a family-owned business, with the Wang family holding 49.98% of the shares as controlling shareholders [3] Related Business Connections - The company disclosed relationships with other firms, including Seven Wolves and Anta Sports, through family ties among the controlling shareholders [4]

Core Viewpoint - Baima Tea, a leader in China's high-end tea market, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 4.5 billion through its IPO, with a strong oversubscription rate of 2680.04 times for the public offering and 13.58 times for the international offering [3][6]. Company Overview - Established in 1997, Baima Tea is recognized as the top brand in the high-end Chinese tea market, offering a comprehensive product range that includes various types of tea and related products [6]. - According to a report by Frost & Sullivan, Baima Tea ranks first in the Chinese tea market by the number of chain specialty stores and by sales revenue in the high-end tea segment as of the end of 2024 [6]. - The company has a total of 3,585 offline stores in China, including 244 direct-operated stores and 3,341 franchised stores, with a significant online presence across major e-commerce platforms [6]. Shareholding Structure - The controlling shareholders of Baima Tea are family members acting in concert, holding a combined 49.98% of the shares, with Wang Wenbin holding 22.69% and Wang Wenli holding 18.22% [5][6]. - Other notable shareholders include Tianjin Changfeng (6.14%) and various institutional and individual investors, with public shareholders collectively holding 10.59% [5]. IPO Details - The IPO involved a global offering of 9 million H shares, representing 10.59% of the total shares post-issue, with a maximum price set at HKD 50.00 per share [3]. - The IPO was managed by a team of underwriters including Huatai International, Agricultural Bank of China International, and others, with KPMG serving as the auditor [10]. Market Performance - Following the IPO, Baima Tea's shares closed at HKD 81.80, reflecting a 63.60% increase, resulting in a market capitalization of approximately HKD 69.53 billion [7].