| Stock Name | Bama Tea |
|---|---|
| Stock Code | 06980 |
| Company Full Name | BAMA TEA Co., Ltd. |
| Industry | New Energy |
| Principal Activities | sugar-free and calorie-free bottled tea beverage product catering to consumers’ increasing demand for health and wellness, became popular among young consumers upon its launch |
| Listing Date | 2025-10-28 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 廣東省深圳市羅湖區南湖街道東門南路華都園大廈7樓 |
| Business Address (Hong Kong) | 灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.bamatea.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 50.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 5,000 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-10-20 to 2025-10-23 |
| Global Offering Shares | 9,000,000 shares |
| HK Public Offer Shares (Initial) | 900,000 shares (10.0%) |
| Public Offer Lots (Initial) | 9,000lots (4,500lots, 4,500lots) |
| International Placing Shares (Initial) | 8,100,000 shares (90.0%) |
| Offer Ratio | ~10.59% |
| Total Shares Post-IPO | 85,000,000 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 450,000,000 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 5,000 |
| 2 lots | 200 | HK$ 10,000 |
| 3 lots | 300 | HK$ 15,000 |
| 4 lots | 400 | HK$ 20,000 |
| 5 lots | 500 | HK$ 25,000 |
| 6 lots | 600 | HK$ 30,000 |
| 7 lots | 700 | HK$ 35,000 |
| 8 lots | 800 | HK$ 40,000 |
| 9 lots | 900 | HK$ 45,000 |
| 10 lots | 1,000 | HK$ 50,000 |
| 15 lots | 1,500 | HK$ 75,000 |
| 20 lots | 2,000 | HK$ 100,000 |
| 25 lots | 2,500 | HK$ 125,000 |
| 30 lots | 3,000 | HK$ 150,000 |
| 35 lots | 3,500 | HK$ 175,000 |
| 40 lots | 4,000 | HK$ 200,000 |
| 45 lots | 4,500 | HK$ 225,000 |
| 50 lots | 5,000 | HK$ 250,000 |
| 60 lots | 6,000 | HK$ 300,000 |
| 70 lots | 7,000 | HK$ 350,000 |
| 80 lots | 8,000 | HK$ 400,000 |
| 90 lots | 9,000 | HK$ 450,000 |
| 100 lots | 10,000 | HK$ 500,000 |
| 200 lots | 20,000 | HK$ 1,000,000 |
| 300 lots | 30,000 | HK$ 1,500,000 |
| 400 lots | 40,000 | HK$ 2,000,000 |
| 500 lots | 50,000 | HK$ 2,500,000 |
| 600 lots | 60,000 | HK$ 3,000,000 |
| 700 lots | 70,000 | HK$ 3,500,000 |
| 800 lots | 80,000 | HK$ 4,000,000 |
| 900 lots | 90,000 | HK$ 4,500,000 |
| 1,000 lots | 100,000 | HK$ 5,000,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 150,000 | HK$ 7,500,000 |
| 2,000 lots | 200,000 | HK$ 10,000,000 |
| 2,500 lots | 250,000 | HK$ 12,500,000 |
| 3,000 lots | 300,000 | HK$ 15,000,000 |
| 3,500 lots | 350,000 | HK$ 17,500,000 |
| 4,000 lots | 400,000 | HK$ 20,000,000 |
| 4,500 lots | 450,000 | HK$ 22,500,000 |
| HK Market Cap | HK$ 2.79B |
|---|
| 26Q2 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 10.47B Market cap gap 73% |
| Analysis Result | Market cap below threshold (gap 73%) |
| Market Cap (at Offer Price) | HK$ 4,250,000,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 2,649,343,750 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 15.5x (based on offer price HK$50 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 224.2 million |
| Period-End Cash Balance | RMB 347.2 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~13.9% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 93.35 |
|---|---|
| First Day Open | HK$ 80.1 |
| First Day Change | 86.70% |
| First Day Volume | 4215100.0 |
| First Day Turnover | 355298000.0 |
| Use of Proceeds | 1、約35.0%或128.9百萬港元預計將用于擴建生產基地及建造新生產基地； 2、約20.0%或73.6百萬港元預計將用于提升品牌價值及擴大產品組合； 3、約15.0%或55.2百萬港元預計將用于為直營線下門店網絡的擴張提供資金，并專注于開設更多門店以提升品牌價值； 4、約10.0%或36.8百萬港元預計將用于提升業務運營的數字化水平； 5、約10.0%或36.8百萬港元預計將用于收購或投資于中國茶行業的參與者； 6、約10.0%或36.8百萬港元預計將用作營運資金及其他一般企業用途。 |
|---|
| Chairman | Mr. Wang Wenli |
|---|---|
| Company Secretary | Mr. Wang Wenlong |
| Major Shareholders & Holdings | Mr. 王文彬, Mr. 王文禮, Ms. 陳雅靜, Ms. 吳小寧, Mr. 王文超 and Ms. 王小萍 are a concert party, holding in aggregate 42,483,500 unlisted domestic shares (representing 55.90%) and will hold 10,620,875 H shares (representing 20.04%) after the Global Offering. 天津長峰 holds 5,220,000 H shares (representing 9.85%). |
|---|
市场情绪
The IPO attracted extreme oversubscription of 2680.04x, reflecting intense retail enthusiasm for the well-known tea brand. However, the overall hit rate was effectively zero percent, indicating that despite the fervor, very few applicants received allocations, likely due to a small HK offering tranche and no clawback. The final offer price was fixed at HK$50.0, offering no discount to incentivize participation beyond brand appeal. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
A notable tier inefficiency emerges from the expected lot data: applications at the A-tail (100,000 lots) yielded an expected 0.222 lots, whereas the B-head (150,000 lots) yielded 0.4505 lots, giving the B-head a roughly 35% higher expected allocation per lot. This disparity suggests that applying at the B-head tier was substantially more capital-efficient than at the A-tail, which is unusual and could have disadvantaged many retail investors concentrated in lower tiers. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购人群画像
Mainland Chinese investors accounted for 57.1% of the applicant pool, significantly outnumbering Hong Kong-based participants at 41.0%, highlighting strong cross-border brand recognition. The gender split was skewed male at 62.9%, with an average age of 44.2 years, indicating a predominantly middle-aged, male retail investor base. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
