Chinese bubble tea company Chabaidao's shares plummet 38% during Hong Kong Stock Exchange debut, raising $330m in IPO.

Chinese bubble tea company Chabaidao, also known as Sichuan Baicha Baidao, saw its shares plummet 38% during its Hong Kong Stock Exchange debut. The company, which ranks third in China's freshly made tea shop market, raised around $330m in its IPO. Despite being Hong Kong's largest initial IPO this year, the poor performance on its debut highlights the difficulties facing companies listing in the city.