Chinese Tea Chain CEO Becomes a Billionaire at 30 After US IPO
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 Holdings Ltd. is set to list on the Nasdaq on Thursday. The initial public offering raised $411 million and priced at the top end of the range, people familiar with the matter said, asking not to be named because they weren't authorized to speak publicly.
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