On April 23, 2024, Sichuan Baicha Baidao Industrial Co., Ltd.(“ChaPanda”， stock code:02555.HK) was successfully listed on the Main Board of the Hong Kong Stock Exchange. ChaPanda issued a total of 147,763,400 H shares. And issued at HK$17.50 per H share, raising gross proceeds of HK$2,586 million.

 

According to its listing document, since its founding in Chengdu in 2008, ChaPanda has continued to explore the diversification of Chinese tea beverages, launching a variety of new tea beverages and committing itself to enhancing the consumer experience. After more than a decade of franchise model development, it has become a nationally recognised brand of freshly made tea drinks. According to retail sales in 2023, ChaPanda ranked third in China's freshly-to-drink tea market, holding 6.8% of the market share. The successful listing of ChaPanda in Hong Kong makes it the "second share of new-style tea drinks enterprises" after Nayuki, and also the "first share of franchised tea drinks enterprises" in the Hong Kong stock market, as well as setting a record for the largest IPO in Hong Kong stock market in the year of 2024.

 

The IPO was solo sponsored by China International Capital Corporation Hong Kong Securities Limited;

 

Deloitte Touche Tohmatsu is its auditor;

 

Davis Polk & Wardwell is the Company's Hong Kong and US legal advisor; Jingtian & Gongcheng is the Company's China legal advisor;

 

Clifford Chance is the sole sponsor's Hong Kong and US legal advisor; King & Wood Mallesons is the sole sponsor's China legal advisor;

 

Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. as its industry advisor.