Analysts point to a number of reasons for these weak performances, including concerns about the Hong Kong stock market as a whole.

The amount raised from new listings in the city since the start of this year has dropped to levels not seen since 2009, according to consultancy firm Deloitte.

But this hasn’t discouraged other bubble tea chains from planning their own share sales.

Earlier this year, China’s first and second largest chains by number of shops – Mixue Group and Guming Holdings – submitted applications to list on the Hong Kong Stock Exchange.

“Persisting weak market sentiment in Hong Kong is the primary reason” for Chabaidao’s market blunder, said Gary Ng, a senior economist at Natixis.

He believes the city will struggle to attract new listings until there “is a clear sign of China’s pivot to growth and lower US interest rates”.

Others, however, say investors are focusing on problems within the bubble tea industry itself.

It “has relatively low barriers to entry, leading to increased competition,” said Kenny Ng, Securities Strategist of Everbright Securities International.

“Many companies rely on opening new stores to sustain revenue growth. However, this expansion strategy can lead to a decline in gross profit margins as companies face higher costs associated with store operations and management.”

For bubble tea fans, growing competition has its advantages. Han is a regular boba drinker from Beijing who used to stay away from certain premium brands because she found them too expensive.

That has changed. She says price has become less of a factor when choosing between different brands because “they have a lot of discounts and vouchers”.

But for bubble tea makers and their potential investors, lower prices and higher costs could prove to be an unattractive recipe.

“The Chabaidao case highlights the risks and does not bode well for the listings of other bubble tea chains,” warned Gary Ng.

Lili and Han say there is another far more important risk associated with the often sugar-packed drink that is holding them back from ordering more – putting on weight.