New Stock Grey Market | Chabaida falls more than 10% on its debut
Chabaida raised HKD 2.586 billion, currently the largest new stock in Hong Kong this year, with a market value exceeding HKD 20 billion and a current P/E ratio of less than 14 times
The debut was not smooth, ChaBaiDao (02555.HK) new stock dark pool failed to hold above the listing price, dropping more than 10%:
ChaBaiDao raised HKD 2.586 billion, currently the largest new stock in Hong Kong this year, with a market value exceeding over HKD 20 billion, and currently a P/E ratio of less than 14 times.
As of April 5, 2024, ChaBaiDao has 8,016 stores in China, covering all 31 provinces and cities nationwide, achieving full coverage in all provinces and prefecture-level cities in China.
In terms of financial performance, ChaBaiDao's revenue increased by 16.1% from RMB 3.6442 billion in 2021 to RMB 4.2317 billion in 2022, and further increased by 34.8% to RMB 5.7043 billion in 2023. From 2021 to 2023, the compound annual growth rate of net profit reached 21.6%.
Some analysts believe that ChaBaiDao is the "second new tea drink stock" listed on the Hong Kong stock market (the first being Naixue's Tea). Naixue's Tea's listing plunge and subsequent sharp decline have cast a shadow on ChaBaiDao, with the current market value remaining at less than HKD 4 billion:
