Chinese bubble tea giant Mixue’s shares surged 40 per cent on their debut on Monday as Hong Kong’s biggest listing of the year to date highlighted investor focus on mainland China’s price-conscious consumers.
Shares rose to HK$283 ($36), compared with an offering price of HK$202.50, in a listing that raised $444mn and attracted a rush of demand from retail investors.
Mixue, with 45,000 stores as of the end of last year, sells ice cream and flavoured teas for less than $1 and is now expanding into the country’s ultra-competitive coffee industry and overseas.
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