Mixue Shares Surge Nearly 30% in Hong Kong Market Debut

China's largest bubble tea chain raises $444 million in IPO, propelled by strong investor demand and a unique franchise model.

Mixue's IPO shares were priced at HK$202.5 each, with trading opening at HK$262, marking a 29% increase in value.
Retail investors oversubscribed by over 5,200 times, making it one of Hong Kong's most popular IPOs ever, with HK$1.8 trillion in margin loans applied for during the process.
The company raised HK$3.45 billion ($444 million) and achieved a market valuation of HK$99 billion ($12.7 billion) upon listing.
Mixue's franchise-driven model generates 97.6% of its revenue from selling food materials, packaging, and equipment to its 45,000+ global franchisees.
The vertically integrated supply chain and low-cost strategy have fueled rapid growth, with the company expanding by an average of 28 new stores daily in recent years.