Zhang Junjie, a 30-year-old Chinese entrepreneur, has become a billionaire after his tea chain, Chagee Holdings, surged up to 40 percent on its Nasdaq debut on April 17, boosting his net worth to US$2.6 billion, according to Bloomberg.
Despite US-China tensions and a sluggish IPO market, Zhang chose New York for Chagee’s listing as Hong Kong faces market saturation and waning investor interest in new tea ventures, according to The Straits Times.
Founded in 2017 in Yunnan, Chagee blends modern retail with traditional Chinese tea culture and has become a major player in China's beverage scene.
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