BRIEF: Mixue surges on Hong Kong trading debut

Shares of leading bubble tea chain operator Mixue Group (2097.HK) surged in their Monday trading debut in Hong Kong, opening up 29% from their HK$202.50 IPO price after being heavily oversubscribed. The stock continued to rise through the morning session, and was up 40% by the midday trading break.

The portion of the offering for retail investors in Hong Kong was oversubscribed by a massive 5,257 times from 265,000 applicants. The international portion, generally purchased by institutional investors, was also heavily oversubscribed by 34.2 times with 222 subscribers. The listing raised HK$3.45 billion yuan ($474 million).

Mixue reported revenue of 18.66 billion yuan in the first three quarters of 2024, up 21% year-on-year, while its profit during the period also rose by 45% to 3.49 billion yuan. The company oversees a network of over 45,000 stores spanning China and 11 other markets, serving 7.1 billion cups of drinks in the first nine months of last year.

By Lau Chi Hang

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