Image Source: LendingMemon.com via Flickr

On April 17, Eastern Time, Chagee, a Chinese tea beverage brand, officially commenced trading on the Nasdaq stock exchange, becoming the first Chinese tea beverage company to be listed in the United States. Its stock ticker is "CHA". Citigroup, Morgan Stanley, CICC, and Deutsche Bank were the lead underwriters for this offering.

Chagee was founded in 2017. Nearly eight years later, it has transformed into the largest, fastest-growing, and most popular high-end, ready-to-drink tea beverage brand in China.

As of Dec. 31, 2024, the company's network encompasses 6,440 stores, with 6,284 of these stores located in China. This scale represents the largest store network among all high-quality, ready-to-drink tea beverage brands in China.

In 2023 and 2024, the company's GMV (Gross Merchandise Volume) generated in China and overseas reached CNY 10.8 billion and CNY 29.5 billion, respectively. Measured by GMV generated within China, the company has been the fastest-growing among all fresh tea beverage brands, with more than 1,000 stores formed in China from 2022 to 2024.

Chagee's net revenue increased by 843.8% from CNY 491.7 million in 2022 to CNY 4.6402 billion in 2023. In 2024, the net revenue was CNY 12.4056 billion, a year-on-year increase of 167.4% compared to CNY 4.6402 billion in 2023.

Measured by GMV, China's ready-to-drink tea beverage market has been growing at a compound annual growth rate of 21.7%, from CNY 102.2 billion in 2019 to CNY 272.7 billion in 2024, and it is expected to reach CNY 426 billion by 2028.

Globally, the growth momentum is equally strong. As the second-largest non-alcoholic beverage category globally, the tea beverage market achieved a GMV of $467.1 billion (approximately CNY 3408.62 billion) in 2024, and is projected to reach $601.9 billion by 2028.

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