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 chain Mixue jumped more than 40% on its market debut on Monday after a heavily oversubscribed initial public offering.

Mixue Group, China’s largest bubble-tea chain, surged in its Hong Kong trading debut after individual investors flocked to the company’s blockbuster HK$3.45 billion ($444 million) initial public offering.