Shares of Chinese bubble-tea chain Auntea Jenny surged by two-thirds in their Hong Kong trading debut on Thursday, adding to the investor enthusiasm for the sector and a stronger start for new listings this year amid supportive policies.

The shares first changed hands at HK$190.60, a jump of 68.5 per cent from the initial public offering (IPO) price of HK$113.12 when trading began at 9.30am local time. The broader Hang Seng Index advanced by 0.02 per cent.

The Shanghai-based firm raised HK$272.8 million (US$35 million) of gross proceeds by selling 2.4 million shares to investors, pricing the IPO at the top end of the HK$95.57 to HK$113.12 range, according to stock exchange filings.

Retail investors in Hong Kong submitted orders for nearly 3,617 times the shares allocated to them after they borrowed more than HK$94 billion from brokerages to bid for the IPO. Bids from global funds reached 2.57 times.

“The listing is not merely a new starting point for [our] development, but also the beginning of an existential journey to fulfil our mission,” said Shan Wei-jun, the co-founder and chairman of Auntea Jenny, during the listing ceremony at the stock exchange. “It is not only a strong affirmation of past struggles, but also a solemn commitment to the future.”