Bubble Tea Maker Mixue’s IPO Has Investors Seeking HK$1.8 Trillion in Margin Loans
Customers outside a Mixue Bingcheng store on in Beijing.
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Mixue Group’s initial public offering has become so sought after that Hong Kong individual investors applied to borrow more than HK$1.8 trillion ($234 billion) to buy the stock, or thousands of times more than what China’s biggest bubble-tea maker is offering.
Those are just applications and not amounts actually borrowed from local brokers, but the figure reflects immense demand that is reminiscent of the frenzy earlier this year with toymaker Bloks Group Ltd. The flood of applications led underwriters to stop taking orders on Tuesday, one day ahead of schedule, people familiar with the matter said.