Mixue Group, China's largest bubble tea chain with over 45,000 stores across the country and abroad, saw its shares surge 6.93% on Monday as investors cheered the company's massive scale and future growth prospects following a blockbuster IPO.

The Hong Kong-listed firm raised $444 million in the city's biggest initial public offering this year, with its shares skyrocketing over 40% on debut. The strong investor demand underscores Mixue's dominance in the fast-growing bubble tea market and its ambitious expansion plans.

Unlike traditional brands that operate stores directly, Mixue functions more like a raw materials supplier, with franchisees running almost all of its outlets. This asset-light model has fueled the company's rapid expansion across China and into international markets like Singapore and Thailand, outpacing rivals like McDonald's and Starbucks in terms of store count.