BEIJING – On 17 April 2024, CHAGEE, a leading Chinese freshly brewed tea brand, was officially listed on the Nasdaq Stock Market under the ticker symbol “CHA”, becoming the first new-style tea beverage company to be publicly traded in the United States. The Company offered 14.68 million American Depositary Shares (ADS) at a price of USD 28 per share, raising gross proceeds of approximately USD 411 million. By the end of its first trading day, CHAGEE’s stock had appreciated by over 15%, achieving a market capitalization of approximately USD 5.95 billion. 

This landmark transaction was successfully supported by TOPPAN Nexus, a subsidiary of the TOPPAN NEXT group. The team at TOPPAN Nexus has shown outstanding work in guiding CHAGEE through this important listing process and extend our sincere appreciation to CHAGEE for placing their trust in our group. 

CHAGEE is committed to the mission of “CHAGEE TOGETHER”, exploring millennia of global tea culture while introducing a new lifestyle of tea consumption. The brand delivers freshly brewed Eastern teas that are refreshing, low in burden, and healthier with controlled sugar content. 

CHAGEE’s core offering is fresh milk tea made from whole tea leaves, complemented by a variety of products such as pure teas, fresh fruit teas, and coffee. Utilizing advanced extraction technologies, CHAGEE highlights the pure essence of tea, enhancing its depth through meticulous blending. The brand also integrates Chinese cultural references into its product names, with examples such as Bo Ya Cuts the Strings, Lantingji Xu, Mutual Help in Adversity, and Peach Blossom Spring. 

As of December 31, 2024, CHAGEE operates a total of 6,440 stores, including 6,284 in China and 156 overseas, spanning countries such as Malaysia, Singapore, and Thailand. Its first store in Los Angeles is also set to open soon. 

Driven by rapid market expansion, CHAGEE’s Gross Merchandise Volume (GMV) has soared. In 2024, the company recorded an annual GMV of RMB 29.5 billion, marking a 173% increase compared to 2023.