China's largest bubble tea and drinks firm Mixue Group’s retail tranche of its Hong Kong initial public offering has been oversubscribed by more than 4,192 times in the retail book.

Retail investors applied to borrow approximately HK$1.45 trillion through margin financing, according to data from brokerages.

Mixue started its book building on February 21 at HK$202.50 apiece, with a minimum investment of HK$20,454.22 per board lot of 100 shares.

The company plans to issue a total of 17.06 million shares, with 10 percent for the retail tranche, raising about HK$3.45 billion from its Hong Kong listing.