Chinese bubble tea chain Mixue Bingcheng has achieved a record-breaking financing subscription for its initial public offering (IPO) in Hong Kong, exceeding HK$1.77 trillion (approximately USD 218 billion) as of February 26, 2025. This remarkable figure was reached after a six-day public offering, setting a new milestone in the Hong Kong stock market's history. The company aims to raise HK$3.5 billion (USD 443.7 million) through this IPO. The overwhelming demand for Mixue's shares has led to individual investors in Hong Kong applying to borrow more than HK$1.8 trillion (USD 234 billion), significantly surpassing the amount the company is offering. The IPO has been oversubscribed by more than 5,125 times, underscoring the high interest in Mixue's market debut.