Shares of Mixue Group, China’s largest bubble tea chain controlled by billionaire brothers Zhang Hongchao and Hongfu, jumped 43% in its Hong Kong IPO debut.

Shares of China's largest bubble tea and drinks chain Mixue Group jumped more than 43% on their first day of trading on the Hong Kong Stock Exchange on Monday, as the city records its strongest start to a year for new listings since 2021.

Mixue raised $444 million in its IPO, a blockbuster listing that helps signal a turnaround in Hong Kong's IPO market.