Mixue Group, operator of China’s largest bubble-tea chain, plans to raise HK$3.45 billion ($444 million) in a Hong Kong initial public offering to help it fend off competition in the fast-growing market for the freshly made drinks.

China's largest bubble tea and drinks firm, Mixue Group, is seeking to raise HK$3.45 billion ($443.66 million) in a Hong Kong initial public offering, a regulatory filing showed on Friday. The company started bookbuilding on Friday for its sale of 17.

The company is offering 17.06 million shares at HK$202.50 apiece, with an option to increase the number of shares depending on demand.

Wang joins the growing club of Chinese bubble tea billionaires who have sprouted in recent years amid soaring demand for the drinks – a US$9.6bil market in 2018 that’s forecast to balloon into US$71bil in three years.

Chinas largest bubble tea and beverage brand, Mixue Group, is set to raise HK$3.45 billion ($443.66 million) through an initial public offering (IPO) in Hong Kong, according to a regulatory filing on Friday.