Chagee’s 30-Year-Old CEO is Now A Billionaire
30-year-old CEO and creator of the Chinese tea brand Chagee has officially become a billionaire after the company’s successful Nasdaq launch earlier this month. Chagee’s shares debuted at USD 33.75, up 21 percent from the USD 28 IPO price on 17 April 2025, resulting in a valuation of USD 6.2 billion. With the sale of 14.7 million American depositary shares, the IPO raised USD 411 million, making it the biggest Chinese consumer company to list in the United States since RLX Technology’s USD 1.4 billion IPO in January 2021. The announcement of Zhang Junjie’s new billionaire title arrives in the midst of ongoing tensions from the U.S.-China trade dispute.
When Zhang established Chagee in Kunming, China in 2017, his adventure officially began. Despite not going to college, he worked as an apprentice in a bubble tea shop and later in corporate governance at a Shanghai startup to obtain beverage sector experience. Under his direction, Chagee has grown to around 6,700 teahouses worldwide, mostly in posh Chinese shopping centres, and in 2024, it brought in USD4.03 billion.
The company’s growth strategy involves aggressive worldwide expansion with operations already established in Malaysia, Singapore and Thailand. Zhang maintains considerable control over the business by controlling 89 percent of Chagee’s voting power through a dual-class share structure. Chagee has rapidly grown into one of China’s foremost tea brands, with a global footprint of over 4,500 outlets. Distinguishing itself from the bubble tea wave, Chagee focuses on high-quality, milk-based brews made with traditional Chinese teas like oolong, green and black. Its elegantly minimalist stores evoke a café-style experience — more in line with a modern tea lounge than a grab-and-go kiosk.
With total funds raised falling 91 percent to USD 1.39 billion in 2024, Chagee’s IPO success stands out amidst a general reduction in Chinese IPO activity in the United States. However, investor confidence in China’s domestic consumption growth continues to fuel robust interest. Zhang’s quick ascent to billionaire status highlights the opportunity for young entrepreneurs in China’s expanding consumer market. Aspiring corporate executives negotiating the intricacies of international marketplaces should draw inspiration from his story.
Chagee’s expansion into Singapore was marked by the opening of its largest regional flagship at the nation’s VivoCity mall in January. This signals a new chapter in the brand’s pan-Asian growth strategy. As part of its evolving brand direction, the tea company is moving beyond local influencer marketing to focus on high-impact regional campaigns, exemplified by the presence of K-pop star MINNIE at the store’s launch. This shift underscores Chagee’s ambition to position itself not just as a tea brand, but as a cultural force across Asia, blending lifestyle cues with the regional culture of tea consumption.
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