Ba Ma Tea Industry's IPO in Hong Kong and the full circulation of domestic shares that are not listed have been approved by the China Securities Regulatory Commission.

The International Cooperation Department of the China Securities Regulatory Commission issued a notice on the record filing of the overseas public offering and listing of Eight Horses Tea Co., Ltd. and the "full circulation" of domestically unlisted shares. The company plans to issue up to 29,133,400 shares of overseas listed common stock and list them on the Hong Kong Stock Exchange. 106 shareholders of the company plan to convert a total of 43,986,875 domestically unlisted shares into overseas listed shares and list them for circulation on the Hong Kong Stock Exchange.