Deloitte China assists listing of Chabaidao in Hong Kong
The largest Hong Kong IPO so far this year
Deloitte China assisted the listing of Sichuan Baicha Baidao Industrial Co. (Chabaidao, stock code: 02555.HK) on the Stock Exchange of Hong Kong (SEHK) on 23 April 2024. This is Hong Kong’s largest IPO year-to-date and involved China’s 3rd largest freshly-made tea shop chain.
Chabaidao offered approximately 147.76 million H shares at HKD17.5 each, raising about HKD2,585.8 million.
(from left) Tony Zhang, Deloitte China’s Tax partner; Becky Hu, Western Region Audit and Assurance (A&A) leader; Ernest Lee, Technical partner and a member of the Listing Committee of the Stock Exchange of Hong Kong; Cindy Ye, A&A partner and partner of the Chabaidao IPO engagement team; Jilin Gu, Co-Founder and Head of Investment & Financing of Chabaidao; Benjie Chan, Western Region Offering Services partner of Capital Market Services Group (CMSG) and engagement partner of the Chabaidao IPO engagement; Dick Kay, CMSG’s Offering Services leader, attend the listing ceremony of Chabaidao
(from left) Bo Shen, Deloitte China’s Risk Advisory director; Yolanda Ye, A&A senior; Rebecca He, A&A senior manager; Ran Li, A&A manager; and Benjie Chan, Western Region Offering Services partner of CMSG and engagement partner of the Chabaidao IPO engagement, attend Chabaidao’s listing celebration luncheon
Client overview
Chabaidao is an established freshly-made tea drink company in China, generating revenue from (i) sale of goods and equipment to franchisees, (ii) royalty and franchising income from franchisees and (iii) other. Chabaidao ranked 3rd in China’s freshly-made tea shop market in terms of retail sales value in 2023 and its store network covers all provinces and different tiers of cities in China, serving a broad base of consumers.
Source: Prospectus of Chabaidao published on 15 April 2024
Deloitte's role
Deloitte China has been serving Chabaidao for many years. On commencement of the Chabaidao listing project, Deloitte China promptly established a multi-disciplinary engagement team. Throughout every stage of the listing process, Deloitte China adhered to its consistent professional services ethos, leveraging its extensive experience in the consumer industry. We also collaborated diligently with intermediary institutions and maintained seamless communication with regulatory authorities, ultimately facilitating the successful listing of Chabaidao in the Hong Kong capital market.
Deloitte China extends its heartfelt congratulations to Chabaidao on its listing on the SEHK. We will continue to provide high quality professional services and outstanding resources integration to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.
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Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China’s reform, opening-up and economic development. We are a globally connected firm with deep roots locally, owned by our partners in China. With over 20,000 professionals across 31 Chinese cities, we provide our clients with a one-stop shop offering world-leading audit, tax and consulting services.
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