Chinese tea chain Chagee valued at $6.2 billion in strong Nasdaq debut

(Reuters) – Chinese tea chain Chagee secured a valuation of $6.2 billion after its shares gained 21% in the Nasdaq debut on Thursday.

The company’s American depositary shares opened at $33.75 apiece, compared with the initial public offering price of $28.

Chagee sold 14.7 million ADS at the top of its marketed range of $26 to $28 per share to raise $411 million, in the biggest listing for a Chinese consumer company since vaping firm RLX Technology’s $1.4 billion IPO in January 2021, according to Dealogic data.

The market reaction signals sustained investor appetite for Chinese IPOs on U.S. exchanges at a time when two of the world’s biggest economies are engaged in a full-on trade war.