Mar 26, 2024 07:20 AM

BUSINESS

Tea Chain ChaBaiDao Readies for Hong Kong Listing

By Sun Yanran and Han Wei

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What’s new: The Chinese bubble tea chain ChaBaiDao has passed a review by the Hong Kong stock exchange regulator for its initial public offering and will become the second tea shop to debut in the city.

Chengdu-based ChaBaiDao, owned by Sichuan Baicha Baidao Industrial Co. Ltd., counts Orchid Asia, Loyal Valley Capital, New Hope Group and China International Capital Co. Ltd. as investors. Since its establishment in 2008, the company has completed two funding rounds with a valuation at around 17.5 billion yuan ($2.4 billion).

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