Green Tea Launches HK$1.2 Billion Hong Kong IPO

Auntea Jenny (Shanghai) Industrial 2 raised HK$273 million in gross proceeds and HK$195 million in net proceeds from its initial public offering in Hong Kong after pricing the shares at the upper limit of the indicative range.

The bubble tea chain issued 2.4 million shares at HK$113.12 apiece, the top end of its guidance of as low as HK$95.57 each, according to a late Wednesday filing with the Hong Kong bourse.

The deal's Hong Kong public offering portion was 3,616.83 times subscribed, prompting the company to issue 1.2 million shares, a fivefold increase from the 241,140 shares initially allotted.

The international offering portion was 2.57 times subscribed, and the firm issued 1.2 million shares, lower than the initial allocation of 2.2 million.

Infore Holding (Hong Kong) and Huabao Flavours & Fragrances unit Sino Top Trading were cornerstone investors in the listing. They subscribed to a total of 626,130 IPO shares.

Auntie Jenny starts trading on the Hong Kong bourse today, May 8.

Auntea Jenny (Shanghai) Industrial 2 raised HK$273 million in gross proceeds and HK$195 million in net proceeds from its initial public offering in Hong Kong after pricing the shares at the upper limit of the indicative range.

The bubble tea chain issued 2.4 million shares at HK$113.12 apiece, the top end of its guidance of as low as HK$95.57 each, according to a late Wednesday filing with the Hong Kong bourse.

The deal's Hong Kong public offering portion was 3,616.83 times subscribed, prompting the company to issue 1.2 million shares, a fivefold increase from the 241,140 shares initially allotted.

The international offering portion was 2.57 times subscribed, and the firm issued 1.2 million shares, lower than the initial allocation of 2.2 million.

Infore Holding (Hong Kong) and Huabao Flavours & Fragrances unit Sino Top Trading were cornerstone investors in the listing. They subscribed to a total of 626,130 IPO shares.

Auntie Jenny starts trading on the Hong Kong bourse today, May 8.

Auntea Jenny (Shanghai) Industrial (HKG:2589) launched its initial public offering in Hong Kong Monday, seeking to raise up to HK$270.8 million from the deal.

The beverage company, one of China's largest, is offering up to 2,411,340 shares expected to be priced between HK$95.57 and HK$113.12 per share, according to a Monday filing with the Hong Kong bourse.

Auntea Jenny expects to determine the IPO price on May 6 and disclose allocation results on May 7. Shares will begin trading on the stock exchange on May 8.

The beverage company intends to use the proceeds to boost its digitalization capabilities, improve research and development of its raw materials and ingredients, and enhance its supply chain capabilities, the filing said.

It will also use the proceeds to improve brand awareness and fund marketing activities.

Auntea Jenny attracted Infore Holding (Hong Kong), and Huabao Flavours & Fragrances unit Sino Top Trading.

CLSA, Haitong International Securities, Orient Securities (Hong Kong), ICBC International Securities, China Merchants Securities (HK), CMBC Securities, Morton Securities, Soochow Securities International Brokerage, and Tiger Brokers (HK), are the joint bookrunners and lead managers of the IPO.

Huabao Flavours & Fragrances expects an attributable loss of between 260 million yuan and 390 million yuan in 2024, compared with a profit of 379 million yuan a year prior, according to a Jan. 24 filing by parent Huabao International .

The forecast was attributed to lower revenue amid changes in demand from major customers and a goodwill impairment loss and a provision for credit losses and asset impairments.