China’s bubble tea chain falters at its Hong Kong launch.

On the first day of trading on the Hong Kong Stock Exchange, shares of the Chinese bubble tea chain Sichuan Baicha Baidao, popularly known as Chabaidao, dropped by more than 26 percent.

The greatest initial public offering (IPO) in the Asian financial hub this year occurred with Chabaidao’s market debut.

The underwhelming performance highlights the challenges the city is facing in drawing in investment.

By retail sales, China’s third-largest fresh tea drink business is called Chabaidao, which translates to “100 varieties of tea.”

Despite the IPO being received with a lackluster response from investors, the Chengdu-based company managed to raise approximately $330 million (£267 million).

About half of the funds, according to the company, will be used to improve operations and fortify the supply chain.