Bama Tea’s “Double Champion, Double Tea King” competition press conference.
On September 23, information on the official website of the China Securities Regulatory Commission showed that the A-share listing application of Bama Tea Co., Ltd. (hereinafter “Bama Tea”) had been accepted and its prospectus formally pre-disclosed.
As a well-known national chain brand covering all tea categories, Bama Tea’s products span oolong tea, dark tea, black tea, green tea, white tea, yellow tea, and reprocessed teas, as well as related products such as teaware and tea foods. A leading tea chain brand that meets mass tea-consumption demand and is widely loved by consumers and recognized by franchisees, it is expected to be among the first to land on the A-share market.
The prospectus shows that Bama Tea has high brand recognition and a loyal customer base. Its operating revenue grew from 1.02 billion yuan in 2019 to 1.74 billion yuan in 2021. As of the first quarter of 2022, Bama Tea had achieved revenue of 451 million yuan, with more than 2,700 stores and a sales network covering major large and medium-sized cities in every province across the country.
Faced with the contraction of the national consumer market in 2022 and an overall decline in the national tea market, Ye Zhiqiang, General Manager of Bama Tea’s Oolong Tea Division, said at the press conference for the 2022 Bama Tea “Double Champion, Double Tea King” competition: “Facing an increasingly uncertain market environment, Bama Tea promises that the ‘Tea King Competition’ is certain, giving this market definite confidence. We firmly believe that confidence is more important than gold!”
As the sample-submission deadline for the 2022 Wuyi Rock Tea “Double World Heritage” Cup Tea King Competition approached, the organizing committee dropped another bombshell: this year’s prize money would be increased by another 6.42 million yuan, bringing the total prize pool to 10.56 million yuan! Not only that, the competition organizer added a special procurement fund of over 5 million yuan, and all winners may contact the organizer to negotiate the purchase of their remaining in-stock tea of the same batches as the winning samples!
The total prize money for the entire competition exceeds 10 million yuan! An uncertain market environment, a certain “Tea King Competition” — this is the definite confidence that Bama Tea, which ranked first in tax payments among tea companies in both the Wuyi Rock Tea and Anxi Tieguanyin origin regions in 2020–2021, brings to the tea market in the post-pandemic era.
An Extra 6.42 Million Yuan!
Tea King Prizes Doubled, Finalist Prizes Awarded
According to the organizing committee, to further boost industry confidence, help the Wuyishan tea industry reach a new level, and increase tea farmers’ incomes, the Tea King prizes for Da Hong Pao, Rougui, and Lao Cong Shui Xian have been raised to 600,000 yuan each. At the same time, finalist prize slots have been greatly expanded and cash prizes awarded, with finalist prizes totaling 6.5 million yuan; sample submitters may choose to collect the prize money or have their samples returned.
The finalist prizes are set as follows:
150 Rougui finalist prizes, 20,000 yuan each, totaling 3 million yuan;
100 Lao Cong finalist prizes, 20,000 yuan each, totaling 2 million yuan;
*26 Da Hong Pao finalist prizes, 20,000 yuan each, totaling 520,000 yuan.
It is worth mentioning that the organizing committee also gives finalist winners more options:
① Keep the competition samples submitted and collect the finalist prize money.
② Forgo the prize money and have 20 jin of the competition samples returned.
According to the press conference, this year’s “Double World Heritage” Cup Tea King Competition originally had a total prize pool of 4.14 million yuan with 48 winning slots; after the changes to the finalist prize setup, the total prize pool has exceeded 10 million yuan, reaching as high as 10.56 million yuan, with a total of 324 winners.
The 2022 Wuyi Rock Tea “Double World Heritage” Cup Tea King Competition
The prize setup of the 2022 Wuyi Rock Tea “Double World Heritage” Cup Tea King Competition.
With the prize money increased and the number of winners expanded, the organizing committee said this is mainly to boost the enthusiasm of Wuyishan tea farmers for participating; the higher probability of winning makes entering more motivating, and the synchronized prizes for Da Hong Pao, Rougui, and Lao Cong Shui Xian also ensure the guiding role of correct values.
An Additional Special Procurement Fund of Over 5 Million Yuan!
Purchasing In-Stock Tea of the Same Batches as the Winners
According to the organizing committee, the organizer has set up a special procurement fund of over 5 million yuan to negotiate the purchase of winners’ in-stock tea of the same batches as the winning entries, making the winners’ rewards even richer!
In 2020, under the pioneering example of the “Double World Heritage” Cup Tea King Competition, the various tea competitions in Wuyishan substantially raised their prize money and leveled the prize gap among Da Hong Pao, Shui Xian, and Rougui. Tea farmers received tangible benefits, and a healthy pattern of the three carriages of Wuyi rock tea advancing side by side has emerged.
But the “Double World Heritage” Cup Tea King Competition aims to do more than that. In Wuyishan, there is an established convention: units or individuals who win tea king competition awards may not sell tea under the name of the same batch or the award-winning tea. This left winners with mixed feelings, since the tea samples required for entry are limited. This measure not only resolves winners’ concerns about entering but also maximizes their benefits. It also reflects the original aspiration of the competition organizer — Bama Tea — of always “selecting good tea for consumers.”
Sample Collection Extended by 3 Days, Evaluation by 2 Days!
Giving Participating Units and Individuals More Time and Opportunity
Due to the changes in the finalist prize format and the addition of the “Tea King Challenge,” the number of winning slots has increased greatly and the high-value prize incentives are more pronounced, giving Wuyishan tea farmers and merchants more opportunities. The foreseeable rush of sample submissions will continue, and the organizing committee stated that, to give participating units and individuals more time to submit samples, the sample collection period would be extended by 3 days and the evaluation period by 2 days.
The sample collection deadline has been postponed from the 13th to the 16th, making the collection period October 8–16 — extended from 6 days to 9; the evaluation deadline has been postponed from the 23rd to the 25th, making the evaluation period October 18–25 — extended from 6 days to 8; all other competition rules remain unchanged.
The organizing committee stated that although little time remains before the sample collection date, all adjustments to the Tea King Competition were made after careful consideration. “Selecting fine Wuyi teas for consumers” remains the original aspiration of the “Double World Heritage” Cup Tea King Competition; using generous prizes to motivate tea farmers to make good tea, fostering a better tea-making atmosphere, creating a high-standard, high-level tea competition, and promoting the high-quality development of Wuyi rock tea remain the goals the competition unremittingly strives for.
From 2020 to 2021, Bama Tea won the crown of first place in tax payments among tea companies in both the Wuyi Rock Tea and Anxi Tieguanyin origin regions for two consecutive years.
The “Oscars of Wuyi Rock Tea” may be merely an intangible honor bestowed by the outside world on the “Double World Heritage” Cup Tea King Competition; for the Wuyishan tea industry, what is most needed is “better quality,” “sales channels,” and “stable development” — and these are exactly what the “Double World Heritage” Cup Tea King Competition has the confidence and capability to deliver.
The major tea king competitions in Wuyishan are in full swing, and judging from the announcements of the various competitions, more and more of them are aligning with the “Double World Heritage” Cup Tea King Competition in prize money and format. The organizing committee said this is a good phenomenon that helps promote the development of the Wuyishan tea industry. As the “Oscars of Wuyi Rock Tea,” it will also make unremitting efforts to reach new heights, continue to lead Wuyishan’s tea competitions toward higher standards, and contribute to the high-quality development of the tea industry in Wuyishan City.
Produced by: China Co-op Times · Tea Weekly All-Media
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Author: Lam Sam (LamSam), the Old Tea Head
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