Chagee, a Chinese bubble tea chain, filed for a U.S. initial public offering on Tuesday and aims to list on Nasdaq under the ticker “CHA.”
The company plans to debut its first U.S. store in Los Angeles this spring at Westfield Century City mall.
Founded in 2017 by CEO Junjie Zhang, Chagee operates over 6,400 teahouses across China, Malaysia, Singapore, and Thailand, with 97% of its locations in China. In 2024, the chain reported $344.5 million in net income from $1.7 billion in revenue.
Chagee’s long-term goals include reaching tea lovers in 100 countries, creating 300,000 global jobs, and delivering 15 billion cups of tea annually.
A successful IPO would place Chagee among the few Chinese companies navigating U.S. listing hurdles, given rising political tensions and reduced Chinese stock listings in American markets. U.S. investors may also recall the turmoil of Luckin Coffee’s 2020 delisting scandal.
If approved, Chagee will join a competitive global tea and coffee market, taking inspiration from Starbucks, which holds a significant presence in China.