On May 16, 2025, Green Tea Group (06831.HK) successfully completed its initial public offering and was listed on the Main Board of the Hong Kong Stock Exchange(HKEX). The company offered a total of 168,364,000 shares globally at an offer price of HK$7.19 per share, raising gross proceeds of approximately HK$847 million.

In this transaction, Simpson Thacher & Bartlett acted as Hong Kong and U.S. legal advisor to the company. Commerce & Finance Law Offices advised on PRC law as well as PRC cybersecurity and data compliance issues. Appleby served as legal advisor on Cayman Islands law. Fangda Partners provided Hong Kong, PRC, and U.S. legal advice to the strategic investor and Selling Shareholder, Partners Gourmet, a fund under Partners Group Holding AG.

Citigroup and CMB International served as joint sponsors for the listing. Clifford Chance and Tian Yuan Law Firm acted as legal advisors to the joint sponsors and the underwriters, advising on U.S. and Hong Kong law, and PRC law, respectively.

Founded in 2008 and headquartered in Hangzhou, Zhejiang Province, Green Tea Group operates under its flagship “Green Tea” restaurant brand. As of April 28, 2025, it had over 490 restaurants across 27 provincial-level regions in mainland China as well as the Hong Kong SAR.

Green Tea Group received a strategic investment of over USD 70 million from Partners Group in 2017. Commerce & Finance Law Offices and Paul Hastings provided legal support for that transaction. The company filed its listing application with the HKEX five times—in March and October 2021, April 2022, and June and December 2024—before finally passing the hearing in April 2025.

Proceeds from the offering will be used to expand the restaurant network, establish centralized food processing facilities, upgrade IT systems and related infrastructure, and fund working capital.