Hong Kong tea cafe aims to raise $99.7m in IPO
HONG KONG - It was the first to drizzle condensed milk on toasted buns. It also found a way to present dong nai cha, or iced milk tea, without diluting the drink - by placing it in a bowl of ice.
Now, fans of Hong Kong's most popular cha chaan teng (tea cafe) can also buy a slice of the company, at HK$2.08 (S$0.33) per share.
In typical pioneering spirit, Tsui Wah is the first among its peers to go for an initial public offering (IPO).
Its chairman Lee Yuen Hong has announced that it wants to raise HK$631.1 million to fuel its expansion into China.