Chinese tea company's IPO on the Shanghai Stock Exchange mainboard "terminated"

On March 21, China Tea Co., Ltd. (referred to as "China Tea") changed its IPO review status on the Shanghai Stock Exchange main board to "terminated." Due to the withdrawal of China Tea and its sponsor's application for listing, the Shanghai Stock Exchange terminated its IPO review according to relevant provisions of the "Shanghai Stock Exchange Rules for the Listing of Stocks." According to the prospectus, China Tea is a brand consumer goods company positioned in full-category, integrated operations, mainly engaged in the research and development, production, and sales of various types of tea and related products. The company has created popular core brands such as "Zhong Cha" domestically and internationally, as well as sub-brands like "Haidi", "Monkey King", "Butterfly", "Century Mu Cang", and "Dragon Crown". Its main products include Oolong tea, Pu'er tea, floral tea, black tea, Liu Bao tea, white tea, Anhua black tea, green tea, and related products. In 2019, 2020, and 2021, the domestic sales volume of black tea was 21.63 million tons, 31.38 million tons, and 34.41 million tons respectively, with the company's sales volume accounting for 0.37 million tons, 0.30 million tons, and 0.37 million tons respectively, representing 1.71%, 0.97%, and 1.06% of the market share. The domestic sales volume of Oolong tea was 22.60 million tons, 21.92 million tons, and 22.79 million tons respectively, with the company's sales volume accounting for 0.38 million tons, 0.37 million tons, and 0.43 million tons respectively, representing 1.68%, 1.68%, and 1.89% of the market share. During the same period, the domestic sales volume of red tea was 31.86 million tons, 31.48 million tons, and 33.88 million tons respectively, with the company's sales volume accounting for 0.38 million tons, 0.46 million tons, and 0.44 million tons respectively, representing 1.19%, 1.45%, and 1.30% of the market share; the domestic sales volume of white tea was 4.22 million tons, 6.25 million tons, and 7.05 million tons respectively, with the company's sales volume accounting for 0.03 million tons, 0.03 million tons, and 0.04 million tons respectively, representing 0.77%, 0.52%, and 0.57% of the market share. In terms of finances, China Tea achieved operating revenues of approximately 16.34 billion yuan, 18.93 billion yuan, 24.34 billion yuan, and 14.23 billion yuan in the 2019 fiscal year, 2020 fiscal year, 2021 fiscal year, and the first half of 2022, respectively. During the same period, the company's net profits were approximately 1.66 billion yuan, 2.40 billion yuan, 2.91 billion yuan, and 2.01 billion yuan, respectively.