China bubble-tea chain Chabaidao plunges on Hong Kong debut

HONG KONG, China — Shares in Chinese bubble-tea chain Baicha Baidao plunged nearly 40 percent on its first trading day in Hong Kong on Tuesday, in a fresh blow to the finance hub’s efforts to revive its markets. The Chengdu-based company, which is also known as Chabaidao, raised about HK$2.59 billion (US$330 million) during its November initial public offering — with no others topping it since. But soon after opening, it plunged from its HK$17.50 listing price to HK$10.80, marking a drop of 38 percent, before paring some of the losses to end at HK$12.80. The plunge marked the worst […]…

Keep on reading: China bubble-tea chain Chabaidao plunges on Hong Kong debut