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.

Mixue's gain came as its major bubble tea rivals were sold off, with Sichuan Baicha Baidao down nearly 7% and Guming down 1.7% on Monday. Retail investors in the IPO subscribed for 5,258 times more shares than were on offer in that tranche, according to Mixue's filings, making it one of Hong Kong's most popular IPOs.