$CHABAIDAO(02555.HK)CHABAIDAO's stock price fell below its IPO price on its first day of trading on the Hong Kong Stock Exchange, possibly due to the following reasons:

1. **Market Sentiment**: There may be doubts in the market about the prospects of newly listed companies, especially if recent market volatility is high or investor sentiment is cautious, which could affect the performance of new stocks.

2. **Pricing**: If investors believe CHABAIDAO's IPO price is too high, they may be unwilling to buy at that price, leading to a drop in the stock price after listing.

3. **Industry Competition**: The new-style tea beverage industry is highly competitive. Although CHABAIDAO is the third-largest brand in China's freshly made tea beverage market, investors may have reservations about its long-term profitability given the intense competition.

4. **Expansion Strategy**: CHABAIDAO's rapid expansion relies mainly on a franchise model. If the market has concerns about the sustainability of this model or brand control, it could impact its stock price.

5. **Financial Performance**: According to public information, CHABAIDAO's revenue and net profit are growing, but investors may have concerns about the quality of its earnings, cash flow, or future growth potential.

6. **Food Safety Issues**: CHABAIDAO has faced criticism for food safety issues in the past, which may have affected consumer and investor confidence.

7. **Macroeconomic Factors**: Macroeconomic conditions, policy changes, or industry-specific factors may also influence investor views on newly listed companies.

8. **Lack of Cornerstone Investors**: Reports indicate that CHABAIDAO's IPO did not involve cornerstone investors. The participation of cornerstone investors often boosts market confidence, and their absence may lead to insufficient market confidence in the company.

9. **Market Saturation Concerns**: There may be concerns about market saturation in the new tea beverage market, with investors worried about limited future growth potential.

10. **Previous IPO Performance**: The IPO performance of other companies in the industry, such as the poor stock performance of NAYUKI, may have negatively impacted investor views on CHABAIDAO.

11. **Use of Funds**: The company's planned use of IPO proceeds may not have gained full market approval, especially if investors are skeptical about the efficiency and effectiveness of fund utilization.

12. **Investor Expectations**: Investor expectations for CHABAIDAO's future performance may be conservative, particularly given uncertainties in its expansion, product innovation, and market competition strategies.