China halts IPOs of at least 3 major bubble tea chains after shares of rivals plunge, sources say

Quick Summary:

Bubble tea makers face fierce competition as Chinese consumers tighten their belts in a slowing economy.

Highlighting the tea sector’s weak performance, Chabaidao in August reported a 10 per cent drop in gross revenue and 19 per cent fall in gross profit in the first half of 2024, compared with the year-ago period.

Two of the sources said Guming, with 9,000 stores, aimed to raise up to US$500 million via a Hong Kong listing.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaHong Kong

Topics: Makers Chinese Hong Regulatory Bubble Share Cent Kong Sources 2024 Offshore

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-20 @ 14:45:00 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 594 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 22619082

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