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06911 瀾滄古茶
Listing Date2023/12/22
Listing Price10.700
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Pu’er Lancang Ancient Tea Co. is among the very few tea companies in China experienced in raw material management, product development, production, end customer reach and membership services. It is the third largest Pu’er tea company in China in terms of revenue generated from Pu’er tea products with a market share of 2.4% in 2022.


The Group have established Lan Cang Gu Cha as core brand, under which have developed and structured two product lines, i.e., 1966 and Tea Mama, and launched a new product line, Iland Tea , in July 2022, to meet the various demands from different groups of consumers.


The Group have a nationwide offline sales network, covering substantially all provincial administrative divisions across China. As of 5 December 2023, it had 559 offline stores, among which 23 were self-operated stores and 536 were distributor-operated stores. The Group engages distributors to distribute it products. In addition, it also sells directly to consumers through it self-operated stores. Since 2020, The Group have also expanded sales network into key account channels including hypermarket chains and platform-operated online stores.

MarketHong Kong (Main Board)
Business NatureFood & Beverages
Major Business AreaChina
Board Lot200
No. of Offer Shares21.00M H shares
No. of International Offer Shares18.90M H shares
No. of HK Offer Shares2.10M H shares
Offer Price$10.40 - $14.16
Stock Code6911
Sponsor(s)China Securities (International) Corporate Finance Company Limited, China Merchants Securities (HK) Co., Limited
Underwriter(s)China Securities (International) Corporate Finance Company Limited, China Merchants Securities (HK) Co., Limited, CMB International Capital Limited, ABCI Securities Company Limited, Haitong International Securities Company Limited, Zhongtai International Securities Limited, Livermore Holdings Limited, Eddid Securities and Futures Limited, ICBC International Securities Limited, Valuable Capital Limited, Futu Securities International (Hong Kong) Limited, Shenwan Hongyuan Securities (H.K.) Limited
Application PeriodDec 14 (Thu) - noon, Dec 19 (Tue)
Price Determination DateDec 20 (Wed)
Result Announcement DateOn or before Dec 21 (Thu)
Result Announcement DateOn or before Dec 21 (Thu)
Result Announcement DateOn or before Dec 22 (Fri)
Dealings in Shares commence onDec 22, 2023. (Fri)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
Sales Statistics (HKD)
Offer Price$10.40 - $14.16
Capitalization873.60M - 1.19B
NAV / share ($)$12.37 - $13.27 (Unaudited pro forma adj NAV / share)
Use Of Proceeds
Assuming the offer price being at HKD 12.28, the net proceeds raised would be HKD 185.90M, of which
35% : Building modernized logistics and warehousing centers and new production facilities and upgrading current production facilities
27% : Sales channel building
18% : Brand building and product marketing
5% : Strategic investments in and acquisitions of business opportunities in the tea industry
5% : Upgrading information technology infrastructure and further strengthening research and development capabilities
10% : Working capital
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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