A ChaBaiDao shop — as ChaPanda is also known — in Shanghai. The company has said it will spend over half its IPO proceeds improving overall operations and strengthening supply chains.
© Reuters
PEGGY YE, Nikkei staff writer |
HONG KONG — Sichuan Baicha Baidao, a Chinese low-priced tea chain also known as ChaPanda, made a disappointing debut on the Hong Kong market on Tuesday, casting a shadow on authorities’ hopes for revitalizing initial public offering activity.
The shares opened at 15.74 Hong Kong dollars, 10% below its IPO price of HK$17.50. The price went on to drop almost 40% in midday trading and closed at HK$12.80, down 27%.
