Following its Nasdaq debut on Thursday, Chagee founder, Chinese entrepreneur Zhang Junjie, has reportedly become a billionaire. Chagee Holdings Ltd, now listed under the ticker “CHA”, raised US$411 million in its initial market offering.
Chagee sold 14.7 million shares, valuing the company at approximately $5 billion. Despite trade tensions between the U.S. and China, Chagee stock was priced at the top of its range.
Since Zhang founded Chagee in 2017, he has served as its CEO. “Since founding CHAGEE in 2017, we envisioned creating a global brand. This is just the beginning. We will continually support healthy lifestyle choices, drive industry innovation, and deliver on our mission of Creating Connections Every Day with Tea.”
Chagee CFO, Hongfei Huang told investors, “By the end of last year, CHAGEE operated over 6,400 stores worldwide, with our first North American teahouse opening soon in Los Angeles, California. Today’s listing marks both our entry into the capital markets and significant progress toward our vision of serving superior tea to every corner of the world.”
Zhang established the chain after drawing inspiration from the success of international coffee companies, such as Starbucks. The tea chain specializes in premium milk-based teas crafted from traditional Chinese blends, such as green, black, and oolong.
By CEO NA Editorial Staff
