Herbert Smith Freehills Kramer advises underwriters of Bama Tea’s Hong Kong IPO

Leading global law firm Herbert Smith Freehills Kramer has advised Huatai Financial Holdings (Hong Kong) Limited, ABCI Capital Limited, TFI Capital Limited and other underwriters of Bama Tea Co., Ltd. (06980.HK)’s H-share listing on the Main Board of the Hong Kong Stock Exchange.

“The Hong Kong IPO market continues to show strong momentum,” said Hong Kong partner Matt Emsley. “IPO volume and fundraising over the past three quarters have already surpassed previous years, pointing to a strong outlook for listing activity through year end and beyond.”

Bama Tea is a recognised Chinese tea brand, also offering teaware and snacks. The company ranked first nationwide in sales revenue for premium tea leaves in 2024. China’s premium tea market is expected to be worth approximately RMB135.3 billion (US$18.98 billion) by 2029, and is growing at around 5.6% per annum.

“We congratulate Bama Tea on its successful listing on the Hong Kong Stock Exchange,” said Beijing partner Stanley Xie. “This milestone reflects the growing momentum of China’s consumer sector tapping into Hong Kong’s capital markets, and we’re proud to support brands like Bama Tea in their journey toward global recognition.”

Herbert Smith Freehills Kramer is a market leader in advising issuers and underwriters on Hong Kong IPOs. From 2022 to 2024, the firm advised on 22 successful listings on the Hong Kong Stock Exchange, ranking third among 70 international and local law firms in Hong Kong, according to RyanBen Capital.

Partners Matt Emsley, Stanley Xie and Jin Kong* led a cross-office team advising the underwriters, assisted by Brian Ge, Cyrus Wong, Gigi Lo, Ting Wang and Leah Zhi. Crystal Min, Tong Bo, Cassey Wu, Huaien Tang, Christie Tsang and Cece Wong also provided assistance.

Legal manager Marine Jin led Herbert Smith Freehills Kewei Joint Operation’s Digital Legal Delivery business to provide high-efficiency solutions for verification and other document-intensive processes during the listing, assisted by Grace Ji, Chunqin Li and Jemma Gao.

*Due to regulatory requirements in Hong Kong, Jin Kong’s official title is Senior Registered Foreign Lawyer.