Zhang Junjie, the 30-year-old CEO and founder of Chagee, a rapidly growing Chinese tea chain, has become a billionaire following the company’s successful debut on the U.S. stock market. Chagee raised $411 million in its initial public offering (IPO) on the Nasdaq, pricing 14.7 million American depositary shares at $28 each. The stock saw a strong 21% jump on its first day of trading, pushing the company’s market capitalization to an impressive $6.2 billion.

Founded in 2017, Chagee has expanded rapidly and now operates over 6,000 tea shops globally, with a dominant presence in China and Southeast Asia. The company reported revenues of 29.5 billion yuan (around $4 billion) in 2024, primarily through a franchise model.

Despite increasing scrutiny of Chinese companies listed on U.S. exchanges, Chagee’s IPO was well-received, with cornerstone investors subscribing to nearly half of the offering. Zhang’s rise to billionaire status highlights the growing appeal of Chinese consumer brands and their potential for success in international markets.

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