IPO

Hong Kong’s bubble tea IPO flop is a sign of the market times
Lex專欄:茶百道上市首日破發的啓示

Chabaidao’s experience reflects weak local investor sentiment
消費者對奶茶保持很高的興趣,但市場對茶百道上市沒有表現出同樣的熱情,儘管這不只是這家中國茶飲連鎖品牌的過錯。

Bubble tea — a combination of tea, milk, sugar and chewy tapioca pearls — has been around since the 1980s. Yet among younger Asians, the drink is a modern necessity. Endless variations from strawberry white chocolate to passion fruit keep interest levels high.Markets have not shown the same enthusiasm for the listing of Chinese bubble-tea maker Sichuan Baicha Baidao Industrial Co — widely known as Chabaidao. It plunged more than 38 per cent on its Hong Kong debut on Tuesday. The flop is not just the tea maker’s fault, though.

珍珠奶茶——由茶、牛奶、糖和有嚼勁的木薯「珍珠」混合而成——在上世紀80年代就有了。然而對年輕的亞洲人來說,這種飲料是現代必需品。從草莓白巧克力到百香果,無窮無盡的風味讓消費者對它保持很高的興趣。

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