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.

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.

Bubble tea brand Mixue Group’s stock jumped in its Hong Kong trading debut as investors snapped up shares of the milk tea vendor, marking one of the city’s most successful initial public offerings (IPOs) in recent months.