Bubble Tea Maker Chabaidao Debuts After HK's Biggest IPO of 2024 bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Chinese bubble-tea maker Sichuan Baicha Baidao Industrial Co., also known as Chabaidao, plunged more than 37% in its trading debut in Hong Kong, with analysts citing growing competition and still weak consumer sentiment as reasons for its disappointing start.Most Read from BloombergTrump Has Only $6.8 Million for Legal Fees With Trial UnderwayRay Dalio’s Famous Trade Is Sputtering, Investors BailingStocks Climb as US Earnings Kick Into High Gear: Markets WrapRussians Transform Dub
Shares of the Chengdu-based company were headed for the worst first-day performance since 2015 for any IPO that raised at least $300 million in Hong Kong.