Davis Polk & Wardwell and Jingtian & Gongcheng have advised Sichuan Baicha Baidao, a Chinese low-priced tea chain also known as ChaPanda, on its $330 million IPO on the Hong Kong Stock Exchange, with Clifford Chance and King & Wood Mallesons acting for the sponsor CICC and underwriters.

This marks the largest listing on the Hong Kong Stock Exchange in 2024 and is the "second new tea drink stock" to list in the SAR in the past three years, following the success of Nayuki’s listing in 2021.

Founded in Chengdu in 2008, ChaPanda focuses on exploring the creative pairing of natural ingredients with Chinese tea beverages and continuing to research and develop diversified tea beverage products. The company operates more than 8,016 stores in China.

According to a report by Frost & Sullivan, ChaPanda ranks third in the freshly made tea beverage market in China, holding a market share of 6.8 percent.

The Clifford Chance team was led by partners Tim Wang, Fang Liu, and Xiang Tianning.