Shares of Mixuebao Group (02097), China's largest bubble tea chain, continued their strong upward momentum on Thursday, surging 7.74% in intraday trading. This follows the company's stellar debut on the Hong Kong stock exchange earlier this week, where its shares jumped over 8% to a record high of HK$321 amid overwhelming investor demand.
The sustained rally in Mixuebao's stock price can be attributed to several factors. Firstly, the company's initial public offering (IPO) was heavily oversubscribed, with the Hong Kong offering over 5,200 times oversubscribed and the international offering more than 35 times oversubscribed. This exceptional demand highlights the strong investor interest in the company, which is known for its popular milk tea, fruit drinks, ice cream, and coffee products.
Furthermore, positive analyst coverage and buy recommendations from brokerages following the successful IPO have likely fueled the stock's momentum. Investors are also betting on Mixuebao's growth prospects, given its position as China's largest bubble tea chain with a rapidly expanding footprint across the country.
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