Mixue Shares Surge 43.2% in Hong Kong IPO

China's largest bubble tea chain, Mixue Group, experienced a remarkable 43.2% increase in share price during its Hong Kong Stock Exchange debut, reaching a market cap of $14.1 billion. The IPO raised HK$3.45 billion ($444 million) to expand production capacity and was met with overwhelming demand, with the retail portion oversubscribed over 5,200 times. This surge in investor interest highlights a resurgence in Hong Kong’s IPO market, which has seen significant activity after a period of sluggishness. Founded in 1997, Mixue now operates over 45,300 stores globally, surpassing Starbucks and McDonald's in store count, and relies on an extensive franchising model. Mixue's founders, Zhang Hongchao and Zhang Hongfu, have seen their combined worth rise to $8.1 billion post-IPO. This successful debut is symptomatic of the growing enthusiasm for Chinese food and beverage brands in the equity markets.