This undated photo shows people waiting in line in front of a Mixue store in Sydney, Australia. [Photo/Xinhua]
Shares of China's beverage giant Mixue Group soared 43.21 percent at closing from its opening price on its debut on the Hong Kong Stock Exchange on Monday.
On its opening day, Mixue's shares began trading at 262 Hong Kong dollars, up 29.38 percent from its issue price and closed at 290 Hong Kong dollars, with a total trading volume of 4.334 billion Hong Kong dollars.
The recent influx of large IPOs in the Hong Kong market signals a robust fundraising environment, bolstered by supportive measures introduced last April by the China Securities Regulatory Commission (CSRC), the country's top securities regulator.
These measures aim to facilitate the listing of leading Chinese mainland enterprises in Hong Kong, providing a significant boost to the local stock market.
The Hong Kong Stock Exchange reported that Mixue Group's IPO is the largest in the market for 2025 to date and represents the highest market capitalization for a company in the ready-to-drink tea sector. This event also set a new record for subscriptions for new shares in the Hong Kong market.
In 2024, Mixue Group reported a beverage output of approximately 9 billion cups and generated retail sales of around 58.3 billion yuan, up 21.9 percent and 21.7 percent respectively.
As of September 2024, the company has expanded its franchise operations to over 45,000 stores across 11 countries and regions, making it one of the largest global brands in terms of store count.
The positive trend in the Hong Kong stock market, bolstered by a series of successful IPOs, enhances its allure to potential listings. Reports by Hong Kong Exchanges and Clearing Ltd. (HKEX) indicated that new listings in 2024 raised a total of 87.74 billion Hong Kong dollars, a more than 90 percent increase from the previous year.