Shares of Mixue Group, China's largest bubble tea chain, skyrocketed 10.6% in Friday's trading session, propelling the company's market capitalization to a staggering HK$140 billion.
The soaring stock price was fueled by Mixue's highly successful initial public offering (IPO) on the Hong Kong Stock Exchange. The company raised HK$3.45 billion by offering 17.06 million shares, which were met with overwhelming demand from investors.
The IPO was oversubscribed by a stunning 5,200 times for the Hong Kong offering and more than 35 times for the international offering. This remarkable investor enthusiasm reflects Mixue's strong brand recognition, diverse product lineup encompassing milk tea, fruit drinks, ice cream, and coffee, and its growth potential in the booming Chinese beverage market.
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