Written by by Zhang Shidong at scmp.com
Sichuan Baicha Baidao Industrial, which owns and operates a chain of bubble-tea shops in mainland China, tanked on its first day of trading in Hong Kong, as investors shunned the city’s biggest initial public offering (IPO) of the year amid shaky sentiment.
The shares slumped 27 per cent to close at HK$12.80 after falling by as much as 38 per cent in intraday trading. It was the worst first-day performance for any IPO in Hong Kong valued above US$300 million since June 2018, when Ganfeng Lithium Group plunged 29 per cent on debut, according to Bloomberg data. The Hang Seng Index added 1.9 per cent on Tuesday.