Junjie Zhang, the 30-year-old founder and CEO of Chinese tea chain Chagee, has entered the billionaire club with an estimated net worth of US$2.1 billion, following the company’s successful listing on the Nasdaq.
Chagee raised US$411 million in its initial public offering on Thursday, pricing its shares at the top end of the marketed range. The listing defied headwinds in the U.S. IPO market and ongoing scrutiny of Chinese companies on American exchanges, Bloomberg reported.
With a post-IPO valuation of US$6.2 billion, Chagee now holds the title of the largest U.S. listing by a Chinese consumer company since RLX Technology’s US$1.4 billion IPO in January 2021, according to Reuters.
Zhang retains control of the company through his ownership of nearly 54% of Chagee’s Class B shares, each carrying 10 votes. This structure grants him 89% of the firm’s voting power, solidifying his influence over the company’s strategic direction.
Founded in 2017, Chagee has rapidly expanded with a focus on premium milk-based beverages made from traditional Chinese teas such as green, black, and oolong. By the end of March 2025, the brand had established over 6,400 teahouses globally—primarily in China—with a growing international presence in Malaysia, Singapore, and Thailand.
Chagee reported revenues of 29.5 billion yuan (approximately US$4.03 billion) in 2024, reflecting the surging demand for modernised tea culture among younger consumers.
Zhang’s rise mirrors a broader trend among Chinese beverage entrepreneurs capitalising on Asia’s booming fresh tea market. This includes the founders of Mixue, the popular budget-friendly tea and dessert chain, whose recent Hong Kong IPO pushed their combined net worth to an estimated US$8 billion.
