Davis Polk & Wardwell and Jingtian & Gongcheng have advised Sichuan Baicha Baidao, a Chinese low-priced tea chain also known as ChaPanda, on its $330 million IPO on the Hong Kong Stock Exchange, with Clifford Chance and King & Wood Mallesons acting for the sponsor CICC and underwriters.

This marks the largest listing on the Hong Kong Stock Exchange in 2024 and is the "second new tea drink stock" to list in the SAR in the past three years, following the success of Nayuki’s listing in 2021.

Founded in Chengdu in 2008, ChaPanda focuses on exploring the creative pairing of natural ingredients with Chinese tea beverages and continuing to research and develop diversified tea beverage products. The company operates more than 8,016 stores in China.

According to a report by Frost & Sullivan, ChaPanda ranks third in the freshly made tea beverage market in China, holding a market share of 6.8 percent.

The Clifford Chance team was led by partners Tim Wang, Fang Liu, and Xiang Tianning.


Related Articles

SAM, Luthra, Simmons guide planned $360 mln India renewable energy IPO

Shardul Amarchand Mangaldas & Co is advising Indian renewable energy firm ACME Solar Holdings on its planned 30-billion-rupee ($360 million) initial public offering, with Luthra & Luthra Law Offices and Simmons & Simmons representing the book-running lead managers.

Paul Hastings advises Korean gaming firm on $315 mln IPO

U.S. law firm Paul Hastings has advised Tencent-backed South Korean gaming company Shift Up on its 435-billion-won ($315 million) initial public offering on the Korea Exchange.

Latham, Links advise on Malaysia's largest IPO in 2 years

Latham & Watkins and Mah-Kamariyah & Philip Koh have advised Malaysian palm oil company Johor Plantations Group on its 735-million-ringgit ($157 million) initial public offering, the country's biggest in more than two years.