A 30-year-old Chinese entrepreneur has become a billionaire following the US initial public offering (IPO) of his tea chain, Chagee Holdings Ltd. The listing took place on Thursday on Nasdaq, raising $411 million and valuing the company at the top end of its expected range, according to people familiar with the deal.

Junjie Zhang, founder and CEO of Chagee, now has an estimated net worth of $2.6 billion, entirely based on his ownership stake in the company, as per the Bloomberg Billionaires Index. This marks the first time Zhang has been included on the list.

Chagee’s shares surged 40% by midday in New York, reflecting investor enthusiasm despite rising tensions between the US and China and a broader slowdown in US IPO activity.

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A premium tea brand built on tradition

Zhang launched Chagee in 2017 in Yunnan, a Chinese province bordering Myanmar, Laos, and Vietnam. The company’s name comes from Farewell My Concubine, a classic Chinese story, and its branding includes imagery from Peking Opera.

While many competitors focus on sweet, tapioca-based bubble tea, Chagee stands out for its emphasis on health and tradition. The chain offers premium milk teas made from green, black, and oolong blends.

Stores are designed to resemble relaxed lounges, similar to Starbucks, and drinks are typically priced just over $2.

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Speaking at a forum last year, Zhang said his goal is to “revive ancient tea-making methods that date back 900 years” with the help of modern technology. Chagee has benefited from a shift in consumer preferences, with health-conscious customers increasingly avoiding high-calorie bubble teas.

According to iResearch data cited in the company’s prospectus, China’s freshly made tea drinks market is expected to grow from 273 billion yuan in 2023 to 426 billion yuan ($58 billion) by 2028. Premium teas, such as those sold by Chagee, made up 26% of the market last year—more than double their share in 2019.

From local roots to global reach

Chagee has rapidly expanded and now operates more than 6,440 stores, with most located in China and a growing presence in Malaysia, Singapore, and Thailand. Of the total, around 6,270 are franchised, while 169 are directly owned by the company.

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However, expansion hasn’t been without controversy. In Malaysia, the brand faced calls for a boycott after its app featured Beijing’s contested nine-dash line in the South China Sea. Vietnamese authorities are also investigating a similar issue ahead of the chain’s planned launch there.

Despite geopolitical challenges, Chagee’s US listing is seen as a strategic move to position the brand globally. Equities analyst Xinyao Wang, writing on the Smartkarma platform, said the IPO could be an attempt to place Chagee alongside international names like Starbucks. Still, Wang noted the difficult timing, calling the trade tensions “a big surprise Chagee didn’t see coming.”

Zhang’s rise mirrors that of other Chinese entrepreneurs riding the tea wave, including the two brothers behind Mixue Group, which gained $8 billion in combined wealth after its own IPO in Hong Kong earlier this year. However, the tea market is becoming increasingly competitive, and some analysts caution that Hong Kong’s IPO scene may no longer deliver strong returns for brands in this sector.

“The capital focused on new tea beverages is shrinking,” said Shen Meng, director at Beijing-based investment bank Chanson & Co. “For Chagee, the US stock market is now virtually the only viable option for going public.”