London CNN —
Shares in Chinese bubble tea chain Sichuan Baicha Baidao failed to pop during their market debut Tuesday, tumbling as much as 38% from their listing price.
The company, also known as Chabaidao or ChaPanda, had priced its shares at $17.50 Hong Kong dollars ($2.23) apiece, but they plunged as low as $10.80 Hong Kong dollars ($1.38) in the first two hours of trading on the Hong Kong stock exchange.
ChaPanda’s shares closed nearly 27% down at $12.80 Hong Kong dollars ($1.63).
The company is China’s third-largest retailer of freshly made tea
→ Continue reading at CNN - Business News
