Chinese milk tea chain Chagee hits $6.2 billion valuation on Nasdaq debut

According to Reuters, Chinese tea chain Chagee surged 21% on its Nasdaq debut on Thursday, closing at $33.75 per share and pushing its valuation to $6.2 billion. The company raised $411 million by selling 14.7 million American depositary shares at $28 each, marking it the biggest US IPO for a Chinese consumer brand since RLX Technology’s $1.4 billion listing in 2021. Founded in 2017 by Junjie Zhang, Chagee has grown to nearly 6,700 stores worldwide, with a strong footprint in China’s upscale shopping centers. Its franchise-driven model has fueled rapid expansion as China’s bubble tea market continues to heat up. Chagee’s debut follows high-profile listings by rivals Mixue and Guming in Hong Kong earlier this year. [Reuters]