This article only represents the author's own views.

Apart from fresh data showing a sharp slowdown in its store count growth and a slow start for its franchising business, the latest quarterly update from premium tea chain Nayuki Holdings Ltd. (2150.HK) is notable for one thing that’s not included in the Thursday filing. That unspoken fact is that this will be the last time Nayuki issues such a report as the lone Hong Kong-listed company from China’s crowded premium tea sector, also often referred to as bubble tea for one of its best-known products.

At least five other premium tea chains have filed to list in Hong Kong since last October, including industry leader Mixue, which filed for its IPO in January. Of those, only Sichuan Baicha Baidao (2555.HK), also known as Chabaidao, has been approved and officially launched its offering last week, underwritten by local powerhouse CICC as well as Citigroup.