-- Chinese bubble-tea maker Sichuan Baicha Baidao Industrial Co., also known as Chabaidao, plunged more than 31% in its trading debut in Hong Kong, underscoring the challenges the financial hub is facing in reviving investor confidence.Shares traded as low as HK$12.04 early on Tuesday, after being sold at HK$17.50 apiece in an initial public offering. The company, China’s third-largest maker of fresh tea drinks by sales value, raised about HK$2.
Bubble tea, a sweet drink filled with sticky balls of tapioca, has been gaining popularity, creating at least a half-dozen billionaires in China in the past few years. Growing competition, however, threatens to take out some of the weaker players.Chabaidao founders opened the company’s first outlet in 2008 in a 215-square-foot shop in Chengdu, the capital city of Sichuan province. A franchise model in 2018 turbocharged growth, taking the number of shops across China to more than 8,000.
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