SYDNEY: Shares of China's largest bubble tea and drinks chain Mixue Group jumped more than 43% on their first day of trading on the Hong Kong Stock Exchange on Monday, as the city records its strongest start to a year for new listings since 2021.
Mixue - known for its cheap drinks and red-cloaked Snow King mascot - raised $444 million in an initial public offering by selling 17 million shares in the deal at a fixed price of HK$202.5 each.
The shares rose as high as HK$290 in the session after opening at HK$262 each. The gains outpaced a 1% rise in Hong Kong's Hang Seng Index.
Retail investors subscribed for 5,258 times more shares than were on offer in that tranche, according to Mixue's filings, making it one of Hong Kong's most popular IPOs.
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