We advised Baicha Baidao on its IPO and HKEX listing

Davis Polk advised Sichuan Baicha Baidao Industrial Co., Ltd. (Baicha Baidao) in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A / Regulation S. The gross proceeds from the offering were approximately HK$2.6 billion prior to the exercise of the overallotment option.

Baicha Baidao is the third largest Chinese freshly made tea drink company by retail sales value and market share in 2023. The ChaPanda store network in China comprises 8,016 stores across 31 provinces and municipalities, covering all provinces and different tiers of cities in China. In 2023, the total retail sales value of ChaPanda stores reached approximately RMB16.9 billion.

The Davis Polk corporate team included partners Li He, Jason Xu and Ran Li and counsel Jennifer Ng. Partner Kara L. Mungovan and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Counsel Sarah E. Kim and associate Jonathan P. Jackson provided Investment Company Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, New York and London offices.