Chagee (Ticker: CHA), the benchmark Chinese tea beverage brand, made its debut on the Nasdaq yesterday, soaring over 20% at open to US$33.75 per share. The stock peaked at a 49% intraday gain, cementing its position as one of 2024's most stellar Chinese IPO performances. The offering comprised 14.68 million American Depositary Shares(ADS), raising US$411 million—showcasing the strong global fundraising appeal of China’s tea brands and marking the formal entry of the Chinese tea industry into U.S. capital markets.

As the first Chinese tea beverage to list in the U.S., Chagee’s IPO garnered overwhelming investor interest worldwide. According to the company’s prospectus, 2024 saw gross merchandise volume (GMV) of RMB 29.5 billion—a year‑over‑year increase of 173%—with full‑year revenues of RMB 12.4 billion and net profit of RMB 2.5 billion, up over 200% year‑on‑year and achieving a net margin of 20.3%, far exceeding industry averages. Looking ahead, the company plans to expand its market presence into 100 countries globally, further strengthening its brand influence as a key vehicle for Chinese cultural export.

Tiger Brokers Pioneered Retail Participation in U.S. IPOs - Driving Financial Inclusion

Investor enthusiasm was evident on Tiger Brokers’ platform. Over 30,000 investors subscribed to Chagee's IPO through Tiger—setting a three‑year high for U.S. IPO subscriptions on the platform—with a 100% allocation rate, well above industry norms. This reflects strong market confidence in China’s premium new-consumption brands and demand for high-quality investment opportunities.

For decades, U.S. IPO allocations were dominated by institutional investors and high-net-worth individuals, with few channels for retail investors to participate in. Tiger Brokers shattered this paradigm by securing exclusive access to premium Chinese ADRs like Li Auto, Pinduoduo, Zoom, and iQiyi, effectively bridging the opportunity gap for retail investors and actualizing the principles of inclusive finance. The 2020 Li Auto IPO exemplified this financial democratization: Tiger not only served as a key underwriter but revolutionized access by enabling subscriptions with just 100 shares—a watershed moment for retail participation. This has redefined IPO equity distribution, turning what was once exclusive privilege into democratized opportunity.

As one of the deal’s underwriters, Tiger Brokers supported Chagee every step of the way. Leveraging our end‑to‑end, cross‑market service capabilities, we provided comprehensive support from pre‑IPO preparation through listing, including equity incentives, executive and institutional services, underwriting, and PR/IR management. Our one‑stop solutions enabled Chagee to navigate a volatile global market environment and successfully complete its fundraising, laying a solid foundation for the company’s long‑term growth.

Chagee’s strong debut reaffirms confidence in Chinese‑concept stocks. According to Wind data, 22 Chinese companies (excluding SPACs) listed on U.S. markets in Q1 2025—a 69% year‑over‑year increase—indicating a clear market rebound.

Leading Investment Banking with Stellar IPO Track Record

Amid the surge in Chinese listings, Tiger Brokers has maintained its leadership in investment banking. From BOSS Zhipin and Zeekr to Pony.ai and now Chagee, Tiger Brokers has become the partner of choice for high‑growth Chinese enterprises going global.

To date, Tiger Brokers has underwriten over 190 IPOs. In the U.S., we have participated in more than 200 IPOs (including distributions) since 2017; between 2019 and 2023, we ranked first in underwriting Chinese IPOs with market values above US $600 million, and by the end of 2024 had led 19 U.S. IPOs as a bookrunner—placing us in the top tier. In Hong Kong, Tiger Brokers underwrote 32 IPOs in 2024, ranking fifth by market share.

Tiger's "zero-fee" IPO model gives investors seamless access to high-profile listings, with industry-leading allocation rates—many hot deals achieve 100% subscription on Tiger. Since 2017, Tiger has participated in nearly 200 U.S. IPO subscriptions. Notably, Zeekr raised US $441 million—China’s largest U.S. IPO by fundraising size since 2021—and saw multiple oversubscription within 3 days within three days, with Tiger achieving full allocations. Zeekr’s shares opened at US $26 (up 23.8%) and closed up 34.6% on day one. In Hong Kong, Tiger participated in 17 IPO subscriptions in early 2025; over half rose on debut, with four up more than 30% and Duality Biotherapeutics doubling on its first day. Star Hong Kong listings include Mixue Group, which drew HK $1.84 trillion in orders—a 5,324× subscription multiple—another market record, and Tiger attracted over 10,000 subscribers; Mixue closed up 43% on its first day, earning clients HK $8,750 per lot.

Chagee’s 20.54% first‑day pop reaffirms Tiger Brokers’ expertise in deal selection and underwriting. As a vital bridge for Chinese firms to access U.S. and Hong Kong markets, Tiger Brokers will continue to deepen its IPO services, empowering more top‑quality Chinese enterprises to go global and providing investors with premium opportunities to meet diverse investment needs.