Chinese tea chain Chagee reveals revenue surge in US IPO filing
Net revenue nearly tripled to US$1.71 billion in 2024, company says as it prepares for Nasdaq listing
After a prolonged slowdown, the US IPO market is poised for a rebound in 2025, with a wave of high-growth companies preparing to go public.
Expectations of interest rates easing further and a resurgence in risk appetite have fuelled optimism, but analysts said the recovery would depend on the performance of key debutants.
Meanwhile, even as inflation and high interest rates squeeze household budgets, resilient demand for discretionary goods, dining and travel has sustained consumer spending, driving more consumer-focused brands to seek public listings.
Founded in 2017, Chagee is a premium tea brand. As of December 31, its network comprised 6,440 teahouses, including 6,284 in mainland China, the company said.
Chagee’s net revenue jumped to 12.41 billion yuan (US$1.71 billion) in 2024, from 4.64 billion yuan a year ago. Net income increased 213 per cent to 2.51 billion yuan over the same period.