Chinese Tea Chain Chagee Raises $411 Million in US IPO

Chinese tea chain Chagee Holdings Ltd. raised $411 million after pricing its US initial public offering at the top end of the marketed range, defying a market besieged by trade-war volatility.

The Shanghai-based company sold 14.7 million American depositary shares at $28 apiece, according to a statement. The deal helped turn Chagee’s 30-year-old chief executive officer into a billionaire, according to the Bloomberg Billionaires Index.

A Chagee store in Shanghai.

Photographer: CFOTO/Future Publishing/Getty Images

Chagee moved ahead with its IPO as its beverage-chain peers have weathered dizzying US tariff decisions and its China-focused business is seen as being relatively unaffected by the trade war. In Hong ...