Xiaocaiyuan International Holding, a Chinese restaurant chain, saw its shares surge 5.76% in the intraday session on its first trading day in Hong Kong, following a successful initial public offering that raised HK$795 million (around $101 million).

The company offered 101.2 million shares at a final offer price of HK$8.5 per share in its global offering. Both the Hong Kong public offering and international placement tranches were oversubscribed, with the public offering portion 1.44 times covered and the placement tranche 1.29 times oversubscribed.

The strong investor demand and successful fundraising likely fueled Xiaocaiyuan's share price surge on its debut day. The restaurant chain plans to use the IPO proceeds to expand its network, strengthen its supply chain, upgrade digital systems, and increase working capital.