HONG KONG -- Sichuan Baicha Baidao, a Chinese low-priced tea chain also known as ChaPanda, made a disappointing debut on the Hong Kong market on Tuesday, casting a shadow on authorities' hopes for revitalizing initial public offering activity.
The shares opened at 15.74 Hong Kong dollars, 10% below its IPO price of HK$17.50. The price went on to drop almost 40% in midday trading and closed at HK$12.80, down 27%.
