Gu Ming's IPO oversubscribed over 3 times on retail offering's first day. GU MING
Gu Ming's IPO oversubscribed over 3 times on retail offering's first day. GU MING

Chinese bubble tea chain Gu Ming’s new share sale has received bids worth at least HK$778 million on the first day from retail investors for its listing in Hong Kong, 4.93 times on the offer.

It is offering shares in a price range between HK$8.68 and HK$9.94, with a minimum investment of HK$4016.10 per lot for 400 shares.

It plans to raise up to HK$1.58 billion in the IPO. Gu Ming's cornerstone investors include Huang River Investment, which is wholly owned by Tencent (0700), and LVC, a private equity firm that backs NetEase Cloud Music (9899).

STAFF REPORTER