AsianFin -- Mixue Group, China’s largest bubble-tea chain, saw a 43% surge on its Hong Kong trading debut following a highly successful initial public offering (IPO) that raised HK$3.45 billion ($444 million). Individual investors flocked to the IPO, which quickly became the biggest offering in Hong Kong this year.

The stock closed 43% higher on Monday after the shares were priced at HK$202.50 each. The demand was so overwhelming that individual investors in Hong Kong applied to borrow over HK$1.8 trillion to buy the stock, setting a new record for margin loans. The rush of applications forced underwriters to stop taking orders a day ahead of schedule, according to people familiar with the matter.

This strong performance has fueled optimism about the revival of Hong Kong's IPO market, which is expected to double in activity this year. The overwhelming demand — with retail investors bidding for far more shares than available — reflects the growing popularity of bubble tea and similar drinks, a market projected to reach $71 billion in three years.

"Whoever wins the mass market wins the world," said Ben Harburg, founder of CoreValues Alpha. “Demand remains high for Chinese domestic fast-moving consumer goods brands.”

The successful IPO has significantly boosted the fortunes of Mixue's founders, Zhang Hongchao and his younger brother Zhang Hongfu. Their combined wealth now stands at $8.1 billion, according to the Bloomberg Billionaires Index, surpassing the net worth of Howard D. Schultz, the former CEO of Starbucks.