Chagee, a premium Chinese milk tea chain, made a bold move by going public on the Nasdaq, raising $411 million despite ongoing U.S.-China trade tensions. Shares surged 16% on day one, valuing the brand at $5.9 billion.
Founded by 30-year-old Zhang Junjie, Chagee stands out with upscale offerings like jasmine lattes, operating 6,440 stores across China. Zhang, who started as a milk tea shop worker, now holds an $800 million stake.
Chagee chose a U.S. listing to avoid competition in Hong Kong and aims to expand globally.
With only 156 overseas locations so far, the IPO funds will help fuel international growth—even as China’s market shows signs of saturation.
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