Bama Tea Co., Ltd. (Stock Code: 06980.HK) has launched its Hong Kong IPO. The subscription period runs from October 20 to October 23. The company plans to globally issue 9,000,000 H-shares, with an over-allotment option. The offer price is set between HK$45.00 and HK$50.00 per share, with a board lot of 100 shares, and an initial investment requirement of approximately HK$5,050.43. The shares are expected to commence trading on the Main Board of the Stock Exchange on October 28. Joint sponsors are Huatai Financial Holdings (Hong Kong) Limited, ABCI Capital Markets Limited, and TFI Global Capital Markets Limited.

Bama Tea: Leading China's Premium Tea Market

Offering Proportion: 10% (900,000 shares) for the Hong Kong Public Offering, and 90% (8,100,000 shares) for the International Placement.

Offer Price: HK$45.00 to HK$50.00 per share; board lot of 100 shares; initial investment requirement of approximately HK$5,050.43.

Subscription Period: October 20 to October 23 .

Listing Date: October 28.

IPO Joint Sponsors: Huatai Financial Holdings (Hong Kong) Limited, ABCI Capital Markets Limited, and TFI Global Capital Markets Limited.

Company Profile

Bama Tea is a well-known full-category tea supplier in China, with products covering all six major tea types, as well as tea sets and tea snacks. Based on 2024 sales revenue in the premium tea market, Bama ranks first in China; it also holds the top position by number of tea chain stores. The company owns brands such as "Bama," "Xin Ji Hao," and "Wan Shan Hong." As of June 30, 2025, it had 3,585 offline stores and over 26 million members.

Financial Information

According to the prospectus, Bama's revenues for 2022–2024 were approximately RMB 1.818 billion, RMB 2.122 billion, and RMB 2.143 billion, respectively. Net profits for the same periods were approximately RMB 166 million, RMB 206 million, and RMB 224 million. For the first half of 2025, revenue was approximately RMB 1.063 billion, with a net profit of approximately RMB 120 million. Based of the offer price of HK$47.5 per share, the company expects to raise net proceeds of approximately HK$368.2 million. The funds will be allocated to: expanding production bases (about 35%), enhancing the brand and product portfolio (about 20%), expanding the directly-operated store network (about 15%), improving digital capabilities (about 10%), acquiring or investing in industry players (about 10%), and working capital (about 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Bama Tea via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to new public offerings. After logging in, tap “Trade” at the bottom-right, select “IPO Subscription,” choose Bama Tea, tap “Public Offer,” enter the subscription quantity, and submit your order.

(Image source: uSMART HK App)