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.

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.

Mixue's gain came as its major bubble tea rivals were sold off, with Sichuan Baicha Baidao down nearly 7% and Guming down 1.7% on Monday. Retail investors in the IPO subscribed for 5,258 times more shares than were on offer in that tranche, according to Mixue's filings, making it one of Hong Kong's most popular IPOs.