The popularity of the stock helps fuel optimism over the revival of Hong Kong’s IPO market, which is projected to double this year. Enormous demand — mom-and-pop investors bid for thousands of times the shares they could buy — helped Mixue capitalise on the rage for drinks like bubble tea, a market that’s forecast to surge to US$71 billion ($95.75 billion) in three years.
Mixue Group, China’s largest bubble tea chain, surged in its Hong Kong trading debut after individual investors flocked to the company’s blockbuster HK$3.45 billion ($598.80 million) initial public offering.
The stock opened 29% higher at HK$262 on Monday. It was sold at HK$202.50 apiece during the IPO.
