Chinese Bubble Tea Chain Mixue Soars 37% in Hong Kong Grey Market Trading

Tiger Newspress

28 Feb

China's largest bubble tea and drinks firm Mixue Group shares surged 37.3% in Hong Kong grey market trading.

Mixue Group concluded its share subscription at noon on Wednesday (26th), securing HK$1.84 trillion in margin financing from brokers. The offering was oversubscribed by approximately 5,318 times, crowning it the new "frozen funds king" in Hong Kong’s stock market history.

The international placing for MIXUE GROUP also saw enthusiastic demand, foreign media reported, with a plan to close the book-building process a day early at 5 p.m. on Tuesday (25th). Long-position funds and sovereign wealth funds were among the participants.

Mixue, which is seeking to raise HK$3.45 billion in the IPO, is the largest and latest Chinese bubble-tea maker to go public in Hong Kong, betting the proceeds will help it fend off intensifying competition in the fast-growing industry.

The company set its IPO price at HK$202.5 per share, with a board lot of 100 shares requiring an entry fee of HK$20,454.22.

Mixue is scheduled to begin trading in Hong Kong on Monday (March 3).

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