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.

On Monday, the bubble tea chain's shares jumped by more than 40% in their Hong Kong Stock Exchange debut. The company raised $444m (£352m) in the financial hub's biggest initial public offering (IPO) of the year.