Mixue reaps sweet gains as stock soars on HK debut

Chinese mainland bubble tea giant sees shares surge 43.2% on first trading day

Mixue Group, Chinese mainland's largest fresh drinks producer by retail market share, made a strong debut on the Hong Kong stock exchange, opening 29 percent above its initial public offering price at HK$262 ($33.59) per share.

This gave the company an initial market capitalization of HK$98.79 billion. As the trading day progressed, Mixue's stock price soared more than 43.2 percent, pushing its total market value beyond HK$109.3 billion.

The IPO set a record in the Hong Kong market, attracting subscription funds of HK$1.77 trillion with an oversubscription multiple of 5,125 times.