Reuters and staff reporter

Chinese bubble tea chain Guming has raised US$232 million (HK$1.81 billion) in a Hong Kong initial public offering after setting the price of its shares at the top of an indicated range.

The highly-sought after share sale was in sharp contrast to reports that rival HeyTea has stopped opening new stores amid a bruising and protracted price war among the mainland's boba tea chains.

Guming's pricing was at the top of the HK$8.68 to HK$9.94 per share range flagged to investors when the deal launched on Tuesday.