The IPO of King Tea Princess (CHA.US) is priced at $28 per share, raising $411 million.

According to informed sources, the Chinese milk tea chain brand Chaji (CHA.US) in the United States IPO was priced at the high end of the market pricing range (26 US dollars to 28 US dollars), successfully raising 4.11 billion US dollars, unfazed by market disruptions caused by tariff turmoil. Informed sources revealed that Chaji sold 14.68 million American depositary shares at a price of $28 per share. Chaji's IPO is still in progress, as its chain beverage peers have already withstood the dazzling tariff decisions in the United States, and its focus on China's business is considered relatively less affected by the trade war. In Hong Kong, MIXUE GROUP (02097) shares have more than doubled since its debut in March. Before accepting IPO subscriptions last week, Chaji had already received investor commitments of up to $205 million. Investors have shown strong interest in stocks several times the amount of ADR issuance. With the arrival of market turmoil, some companies have put their plans for a US listing on hold. As of December 31, 2024, the Chaji brand had 6,440 stores, including 6,284 in China and 156 overseas. In its store network, 6,271 are franchised and 169 are company-owned. In 2024, the average number of cups sold per month per store in China was 25,099 (a 5% increase from the previous year), and the average monthly GMV per store in China was about $70,000 (a 6% increase from the previous year). Chaji's sales for the 12 months ending December 31, 2024, reached $1.7 billion. The company plans to list on Nasdaq with the stock code CHA. Citigroup, Morgan Stanley, Deutsche Bank Aktiengesellschaft, and CICC are the joint bookrunners for this transaction. The pricing is expected to be set during the week of April 14, 2025.