In Hong Kong, Chabaidao's cold IPO debut left investors deprived of a warm cuppa: 10 points

Far from the ideal scenario where one can sit back, relax and have a warm cup of Chabaidao tea, investors involved with the debut listing of Sichuan Baicha Baidao on the Hong Kong Stock Exchange perhaps scrambled for blood pressure tablets after the stock fell over 40 per cent in the first day of trading after the IPO launch.

What makes this tumble further worrisome because the Chabaidao listing was the biggest IPO so far this year in the Hong Kong Stock Exchange.

Here are 10 things to know about Chabaidao and its disastrous trading after the stock started trading:

2. Chabaidao is China’s third-biggest fresh tea drinks chain by retail sales. It means 100 varieties of tea.

3. Chabaidao’s share price plunged to as low as HK$10.84, representing a fall of 38.05 per cent from its IPO price of HK$17.50, CNBC reported.

4. Chabaidao offered 90 per cent of its 147.7 million shares in a global offering. The remainder 10 per cent were offered in a public offer in Hong Kong.

5. The Chengdu-based company raised about $330m (£267m) in the IPO.

6. Bubble tea was invented in Taiwan in the late 1980s with small stalls selling it near schools and offices.

7. Chabaidao opened their first outlet in 2008, a 20-square-metre shop near a middle school in Chengdu.

8. In 2018, Chabaidao introduced a franchise model and has more than 8,000 shops across China as of today.

9. In January this year, Chabaidao first opened its first outlet outside China outlet in Seoul

10. According to the Bloomberg Billionaires Index, the couple Wang Xiaokun and Liu Weihong has a combined net worth of $2.7 billion based on the 73 per cent stake they will own after the IPO

11. Its rivals Sexy Tea and Mixue Group and Guming Holdings are also preparing to list on indexes in near future.