◎ Reporter Zheng Junting, Li Lingxi
On April 23, Chabaidao landed at the Hong Kong Stock Exchange, becoming the second listed company in the new tea industry. Although it has become the largest IPO of Hong Kong shares since 2024 with a total amount of nearly 2.6 billion Hong Kong dollars, Chabaidao still ushered in the fate of breaking on the first day of listing, with an intraday decline of more than 35%.
Behind Chabaidao, there are a crowd of new tea drinking peers waiting to be listed and waiting to be listed, such as Mixue Ice City, Guming, Shanghai Aunt, Chayan Yuese... Will the sharp fluctuation of the share price on the first day of Chabaidao's listing affect market confidence?
In this regard, the interviewees believe that the current new tea enterprises urgently need to take more initiative in the development of the industry by listing "building up food and grass". The performance of Chabaidao on its first day of listing will enable issuers, investors and other market parties to consider enterprise valuation more carefully and make better decisions in the investment and financing process.
Breaking on the first day of Tea 100
In 2008, the first Tea 100 was born in Chengdu. After more than ten years of development, Chabaidao has grown into the third spot tea brand in China. As of April 5, 2024, there are 8016 stores in Chabaidao, covering 31 provinces in China.
Although facing fierce competition, the business performance of Chabaidao is very strong. According to the prospectus, from 2021 to 2023, the revenue of Chabaidao will be 3.64 billion yuan, 4.23 billion yuan and 5.7 billion yuan respectively, with a compound annual growth rate of 25.1%; Adjusted Net profit They were 900 million yuan, 970 million yuan and 1.26 billion yuan respectively, with a compound annual growth rate of 18.2%.
It is worth mentioning that in 2023, the Tea 100 Classics will be adjusted interest rate 22%, significantly exceeding the industry average (generally below 15%).
Excellent business indicators make Chabaidao popular with institutional investors. In June 2023, Chabaidao won a strategic investment of 1 billion yuan, with a post investment valuation of nearly 18 billion yuan.
On April 15, Chabaidao launched a public offering on the Hong Kong Stock Exchange at a price of HK $17.5 per share. Based on the issue price, the net amount of funds raised through this offering of Tea Avenue is 2.456 billion Hong Kong dollars, which is the largest IPO of Hong Kong shares this year.
However, unlike the hot primary market, Chabaidao is not popular in the secondary market of Hong Kong shares. On April 23, Chabaidao broke on its first day of listing, opening at a low price of 10.06%. At one time, it fell by more than 35% in the session, and finally closed at 12.8 yuan/share, down 26.86%.
"Now there are few companies in Hong Kong stock market that can raise more than HK $1 billion. This time, Chabaidao can raise more than HK $2.5 billion, which is almost a small miracle of Hong Kong stock IPO." Du Xianjie, director of investment of Tianai Capital, believes that, on the whole, the first day of listing of Chabaidao fell sharply on the one hand because of the company's IPO pricing The valuation is obviously on the high side. On the other hand, the management did not make adequate preparations for the selection of investors, such as the introduction of cornerstone investors. In addition, new tea drinks are no longer a scarce industry. Before Tea 100, the share price of Naixue's tea has fallen by more than 80% since its listing.
Huang Lichong, president of Huisheng International Capital, believes that the current new tea market is highly competitive and the products and services are seriously homogeneous. In this case, the lack of innovative and differentiated competitive strategies makes it difficult for enterprises to break out of tight encirclement. The valuation of Chabaidao's listing is relatively high, and investors may worry about the lack of corresponding business support behind the high valuation.
The IPO of new tea faces challenges
At the beginning of the market, it broke its hair. There is no doubt that the Tea 100 Way will ring an alarm bell for new tea drinking peers.
Behind the Tea 100 Road, there is a crowd of peers waiting in line for listing. Now, they have successively submitted their statements to the Hong Kong Stock Exchange in, such as Mixue Ice City, Gu Ming, Shanghai aunts, and the tea beauty and color that are reported to be going to Hong Kong for listing.
Among them, the listing road of the Snow City is rather bumpy. As early as September 2022, Honeysnow Ice City submitted a prospectus to A-share, but later, affected by the phased tightening of A-share IPO and other factors, it chose to switch to Hong Kong shares for listing. In January 2024, Mixue Ice City disclosed the Hong Kong stock prospectus and was subsequently required by the CSRC to submit additional explanatory materials. According to the latest news, Honeysnow Ice City will be listed in Hong Kong stock market in the second quarter as soon as possible.
As for the phenomenon of new tea and beverage enterprises piling up for IPO, Zhu Danpeng, an analyst of the Chinese food industry, believes that under the industrial pattern of intensified inner volume and increasingly obvious "Matthew effect", new tea and beverage enterprises should maintain their own sustainable development, rely on capital empowerment, improve the supply chain, improve the speed of store opening, etc., and all aspects should not fall behind to win in the end.
On April 15, Chabaidao launched its IPO. When asked why he chose to go public at this moment, Gu Jilin, co-founder of Chabaidao, said that although the current market situation was weak, the listing plan was carefully considered, and the company was developing rapidly. He believed that listing in Hong Kong would benefit the long-term development of the company and maximize the interests of shareholders. She described it as a "perfect moment" to land in Hong Kong stocks.
The stock price of the first day of Chabaidao's listing fluctuated sharply. What impact might it have on the new tea enterprises queuing for listing? In Du Xianjie's view, there is a high probability that the subsequent new tea drinking enterprises will be forced to lower their undervalued values, reduce the amount of capital raised and face the Hong Kong stock market more realistically.
Huang Lichong believes that from the perspective of market confidence, investors may take a more cautious attitude towards other enterprises in the new tea industry. At the same time, the stock price performance of Chabaidao will also enable investors to evaluate the business model of new tea drinking enterprises more carefully. In the future, when preparing for listing, new tea enterprises may need to pay more attention to demonstrating the sustainability and profitability of their business model, rather than just the speed of expansion.
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