Half full or half empty?
It was a little of both for Bama Tea Co. Ltd., whose application for a Hong Kong IPO expired earlier this month just as its planned listing received a key regulatory approval from the China Securities Regulatory Commission (CSRC). Fate has so far refused to smile on this major cultivator and seller of leaves used to make China’s favorite beverage, which has tried but failed to go public three times.
Having received the CSRC’s blessing, the company must now file an updated application again with the Hong Kong Stock Exchange. Its chances of brewing up success seem stronger this time, as it looks likely to sail through the stock exchange’s approval process.
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