Another tea brand is rushing to the market. Recently, the International Cooperation Department of the China Securities Regulatory Commission issued a notice on the overseas issuance and listing of Chagee Holdings Limited (Chaji Holdings Co., Ltd.), which showed that the company planned to issue no more than 64.731929 ordinary shares and list them on the Nasdaq Stock Exchange or the New York Stock Exchange in the United States through the overseas issuance and listing filing materials submitted by the domestic operating entity Beijing Chaji Catering Management Co., Ltd.


Overlord Cha Ji

The notice pointed out that if Chaji Holdings has not completed overseas issuance and listing within 12 months from the date of issuance of this filing notice and plans to continue to promote it, it should update the filing materials.

Regarding the proposed listing in the United States, Bawangchaji stated that the information from the China Securities Regulatory Commission shall prevail.

Bawang Tea Ji was founded in Yunnan in June 2017 and opened its first store in November. Perhaps in preparation for its listing, Bawang Chaji expanded its stores like crazy last year, doubling the number of stores in one year. According to the reporter's understanding, as of the end of December 2024, the number of Bawang Chaji stores worldwide has exceeded 6,000, including more than 150 overseas stores. The cumulative sales of the star single product "Bo Ya Jue Xian" will exceed 600 million cups in 2024. By the end of 2023, the number of Bawang Tea Ji stores worldwide has just exceeded 3,000.

Currently, as competition in the domestic tea drink market becomes increasingly fierce, many tea drink brands are accelerating their expansion into the international market.

As for Bawang Chaji, when there were less than 100 domestic stores in 2018, it made globalization one of its core strategies and established an overseas business department. In August 2019, it opened its first overseas store in Malaysia; in August 2024, it will open three new stores in Singapore. By the end of 2024, it will have stores in Malaysia, Singapore, and Thailand. In the brand vision introduction on the official website, Bawang Tea Ji pointed out that it plans to serve 100 countries in the future and provide tea lovers with 15 billion cups of modern oriental tea every year.

Zhang Junjie, the founder of Bawang Chaji, revealed in a public speech in 2024 that Bawang Chaji’s total sales in 2023 will reach 10.8 billion yuan, and sales in the first quarter of 2024 will reach 5.8 billion yuan. The goal in 2024 is that China's overall sales exceed Starbucks China.

In terms of capital markets, Bawangchaji has completed two rounds of financing in succession. In January 2021, Bawangchaji received a round A round of investment of 160 million yuan from XVC and Fosun Group; in May, it received a round B round of investment led by Congbi Qiushi, with XVC following the investment of 160 million yuan.

It is worth noting that competition in the tea market has become increasingly fierce in recent years. Four tea beverage companies, Mixue Group (2097.HK), Guming (1364.HK), Chabaidao (2555.HK), and Nayuki’s Tea (2150.HK), have successively been listed in Hong Kong. Among them, Mixue Bingcheng, a tea beverage company known as the "King of Value for Money", is particularly favored by capital. On its first day of listing on March 3 this year, its stock price soared by more than 40%, with its market value exceeding HK$100 billion. It has also become the new "King of Freeze Capital" in Hong Kong IPOs.

As of the closing of Hong Kong stocks on March 6, the share price of Naixue's Tea (2150.HK) has increased by more than 10%, Chabaidao (2555.HK) has increased by more than 3%, Gu Ming (1364.HK) has increased by more than 2.7%, and Mixue Group (2097.HK) has increased by nearly 15%. The market values ​​are HK$2.954 billion, HK$13.86 billion, HK$26.485 billion and HK$129.6 billion respectively.