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.
April 22, 2024
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