https://www1.hkexnews.hk/app/sehk/2024/106264/documents/sehk24040501559_c.pdf

Sichuan Chabaidao Industrial Co., Ltd. Sichuan Baicha Baidao Industrial Co., Ltd. (“Chabaidao”) announced that the board of directors announced that it had terminated the appointment of Citigroup Global Finance Asia Limited as one of the overall coordinators and re-designated it as a joint global coordinator and capital market intermediary, effective April 5, 2024.

As of the announcement date, CICC was the overall coordinator.

Cha Baidao submitted a prospectus on August 15, 2023 and February 23, 2024, and passed the Hong Kong Stock Exchange hearing on March 24, 2024.

Chabaidao, founded in 2008, focuses on exploring creative combinations of natural ingredients and Chinese tea drinks. Adhering to the core concept of making fresh tea based on good tea, the company provides consumers with fresh and healthy tea products. Through the franchise model, the company has become a leading enterprise among new tea brands in the country. As of February 18, 2024, Chabaidaomen has a total of 7,927 stores across the country, achieving full coverage in all provinces and tier cities in China. According to Frost & Sullivan's report, in terms of retail sales in 2023, Chabaidao ranked third in the Chinese new-style tea store market, with a market share of 6.8%. Total retail sales of Chabaidao reached RMB 16.9 billion in 2023.