Chinese bubble tea maker Chabaidao slumps in Hong Kong's biggest 2024 debut
Chinese bubble-tea maker Chabaidao, listed as Sichuan Baichar Baitao, plunged more than 38% at one point in Hong Kong. The stock closed nearly 27% lower at 12.80 Hong Kong dollars apiece. China’s third-largest maker of fresh tea drinks raised about 330 million dollars in Hong Kong's biggest new share sale since November. The poor debut underscores the challenges the financial hub is facing in reviving investor confidence. IPO proceeds in Hong Kong slumped to their lowest in two decades last year.
Chinese bubble-tea maker Chabaidao, listed as Sichuan Baichar Baitao, plunged more than 38% at one point in Hong Kong. The stock closed nearly 27% lower at 12.80 Hong Kong dollars apiece. China’s third-largest maker of fresh tea drinks raised about 330 million dollars in Hong Kong's biggest new share sale since November. The poor debut underscores the challenges the financial hub is facing in reviving investor confidence. IPO proceeds in Hong Kong slumped to their lowest in two decades last year.
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