CHAGEE

CHAGEE (霸王茶姬) is a Chinese new-style tea brand founded by Zhang Junjie, who went from a tea-shop apprentice in 2010 to launching the brand in 2017 without ever attending school . The company has grown into one of China's largest ready-to-drink tea chains, operating roughly 6,500 stores as of early 2025 and securing U.S. SEC approval for an IPO that March .

The brand's rise rests on a sharply focused product strategy: it abandoned early experiments with fruit teas and baked goods—losses that one early executive called "the stupidest decision"—to concentrate on "original-leaf fresh milk tea," with its signature drink 伯牙绝弦 selling 230 million cups in 2023 alone . This standardization-first approach, coupled with aggressive franchise expansion, let CHAGEE capture market share that rival 茶颜悦色 had cultivated over eight years but failed to scale . Zhang's philosophy, per one insider, is that "not innovating maximizes profit" and helps consumers remember what you're good at—hence fewer than five new products launched annually, a stark contrast to competitors adding over 100 .

Key backers include XVC, which acquired existing shares and replaced management early on, as well as Coatue, Congbi Qiushi, and Fosun . XVC's Boyu Hu has cited CHAGEE as one of his firm's "whales," with annualized gross revenue exceeding $300 million as of early 2024 . The company has also explored a U.S. listing with Citigroup and Bank of America .