China's securities regulator halts offshore IPO plans for bubble tea companies due to Hong Kong market slump.
China's securities regulator has paused offshore IPO plans for bubble tea chains Mixue Bingcheng, Guming Holdings, and Auntea Jenny due to disappointing market conditions in Hong Kong. This decision follows a significant drop in shares of Chabaidao, which fell over 70% since its April debut. Chinese IPOs in Hong Kong have raised only $2.56 billion this year, a sharp decline from $5.7 billion in 2023.
September 20, 2024
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