All posts tagged: Chabaidao

China bubble tea chain Chabaidao plunges on Hong Kong debut

China bubble tea chain Chabaidao plunges on Hong Kong debut

[ad_1] HONG KONG: Shares in Chinese bubble-tea chain Baicha Baidao plunged nearly 40 per cent on its first trading day in Hong Kong on Tuesday, in a fresh blow to the finance hub’s efforts to revive its markets. The Chengdu-based company, which is also known as Chabaidao, raised about HK$2.59 billion (US$330 million) during its November initial public offering – with no others topping it since. But soon after opening it plunged from its HK$17.50 listing price to HK$10.80, marking a drop of 38 per cent, before paring some of the losses to end at HK$12.80. The plunge marked the worst debut since 2015 for a company that had raised at least US$300 million, according to Bloomberg. Another debutant, Tianjin Construction Development Group, tanked more than 30 per cent, having raised about US$20 million in its IPO. The losses dealt a blow to the government’s plan to help reboot Hong Kong’s trading market, which has seen a drop in fundraising through new listings for four years in a row. But Hong Kong’s security chief-turned-city leader …