Davis Polk, Jingtian & Gongcheng, Clifford Chance and King & Wood Mallesons have advised on Baicha Baidao’s HKD2.59 billion (USD330 million) debut on the HKEX, marking the city’s biggest IPO to date in 2024.
Baicha Baido, the third-largest tea chain in China, offered 148 million shares at HKD17.5 apiece.
Davis Polk advised Baicha Baido on Hong Kong and US law, while Jingtian & Gongcheng counselled on PRC law.
Clifford Chance acted as the Hong Kong and US counsel to the sole sponsor CICC, with China co-managing partner, Tim Wang, leading the team along with partners Fang Liu and Xiang Tianning. KWM acted as CICC’s PRC counsel.
With a focus on expanding in emerging major, and second and third-tier cities, Baicha Baidao has established a strong presence with more than 8,000 stores across China since its founding in 2008.
In 2023, the tea chain recorded RMB 16.9 billion (USD2.33 billion) in revenue in China, securing 6.8% of market share behind Mixue Group’s 17.8% and Good Me’s 7.8%.
