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Chinese tea chain's CEO becomes billionaire after US IPO
Financial Express Pune
|April 19, 2025
A 30-year-old Chinese entrepreneur has become an unlikely billionaire with the listing of his sprawling tea shop chain in the US, even as tensions between the two nations stoke an economic decoupling and market volatility.
With the US IPO market at a near standstill and some analysts questioning whether Chinese stocks will be booted from American exchanges, Junjie Zhang's Chagee began trading Friday on the Nasdaq. The initial public offering raised $411 million and priced at the top end of the range.
Chagee shares rose 16% to close at $32.44, giving Zhang a net worth of $2.1 billion, according to the Bloomberg Billionaires Index, which is valuing his wealth for the first time. His fortune is solely derived from his stake in Chagee.
Representatives from Chagee declined to comment.
This story is from the April 19, 2025 edition of Financial Express Pune.
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