On October 28, BAMA TEA, which had faced multiple rejections in previous listing attempts, finally debuted on the Hong Kong stock exchange. The stock opened at HK$80.1 and closed with an 86.7% surge, giving the company a market capitalization of HK$7.935 billion.
According to its prospectus, BAMA TEA's offline stores target high-spending customers like business professionals and SME owners, with average transaction values ranging between HK$2,300–3,000. This premium positioning comes at a cost—the company spent HK$617 million, HK$680 million, and HK$692 million on sales and marketing in 2022–2024, accounting for 33.9%, 32.1%, and 32.3% of revenue respectively.
However, its online performance tells a different story. The top three best-selling products on BAMA TEA's flagship e-store had average prices of just HK$37.44, HK$89.1, and HK$62.1—a stark contrast to its premium offline pricing. Industry observers note that while BAMA TEA's gift-oriented products carry strong brand appeal, their quality-to-price ratio for personal consumption is questionable. "With the same budget, consumers could purchase higher-quality teas elsewhere," commented a tea connoisseur.
The company's path to listing has been rocky. After failing to list on Shenzhen's SME board in 2013, it briefly traded on the New Third Board (2015–2018) before withdrawing two subsequent applications for ChiNext and main board listings. Its January 2025 Hong Kong IPO application succeeded on the second attempt.
BAMA TEA has long aspired to become the "Moutai of tea," banking on premium branding. Founder Wang Wenli once argued that tea, like LV bags, could command luxury prices through perceived value. The company's name—referencing the eight-horse carriages of Chinese nobility—reinforces this positioning.
Financially, BAMA TEA reported revenue of HK$1.818 billion, HK$2.122 billion, and HK$2.143 billion in 2022–2024, with net profits of HK$166 million, HK$206 million, and HK$224 million respectively. However, H1 2025 saw worrying declines: revenue dropped 4.23% YoY to HK$1.063 billion, while net profit fell 17.81% to HK$120 million.
Despite this, store expansion continues aggressively. From 2,613 stores in early 2022, BAMA TEA grew to 3,585 locations by June 2025—a 37% increase. Yet offline channel revenue fell 5.3% in H1 2025, indicating declining per-store performance. The franchise-heavy model (only 6.8% company-owned stores) and high inventory (HK$444 million with 168-day turnover) pose additional risks.
The company's ownership structure has drawn attention due to high-profile family alliances. Controlling shareholder Wang Wenbin's children married into three prominent business families: Anta Sports, Septwolves, and Jiangsu Gaoli Group. These connections create an intricate corporate web—for instance, Septwolves holds indirect stakes through Quanzhou Baiying, while Anta-affiliated companies engage in tea procurement and property leasing with BAMA TEA.
The Wang family maintains tight control through a 55.9% voting stake and six board seats. While this ensures stability, analysts suggest BAMA TEA must innovate in product standardization and scaling to attract broader investor interest. The challenge remains convincing premium customers that its teas justify their luxury price tags—a transformation likely requiring sustained effort.