Ask any Chinese tea or coffee chain who’s their role model, and the last answer you’ll get will be Starbucks. The U.S. giant rose to fame for its comfortable spaces and positioning as a lifestyle brand, in contrast to the hurried, grab-and-go culture that has come to dominate China’s modern tea and coffee scene.
But Chagee Holdings Ltd. is breaking from that tradition, aiming to differentiate itself from an increasingly crowded premium tea drink sector filled with tens of thousands of stores all clamoring for attention. In its latest break with the crowd, the company made its first public filing on Wednesday for a Nasdaq IPO – becoming the first in its field to opt for New York over a Hong Kong stock market brimming with recent new listings by other premium tea chains.
Chagee didn’t disclose a fund-raising target, though other media reports have said the amount is likely to be around $500 million or more. That could make it the largest listing by a Chinese firm in New York since robotaxi operator Pony AI raised about $400 million in a Nasdaq IPO last November.