Chinese boba chain goes West for funds

Bubble tea chain Chagee has received Chinese approval to list in the United States, adding to the number of mainland brands like Mixue (2097) that have been looking to raise funds offshore.

Chagee completed a filing with the China Securities Regulatory Commission to float shares on the US bourse, regulatory records showed yesterday.

The company plans to issue up to around 64.73 million ordinary shares in a listing on either the Nasdaq Stock Market or the New York Stock Exchange.

Chagee specializes in freshly made fruit teas, milk teas, and other tea-based beverages and has over 6,000 stores globally.

In other related news, Mixue once jumped 20.5 percent to a record high of HK$357.8 before closing at HK$341.4 yesterday. Its shares have surged nearly 69 percent since its debut on Monday.

The Chinese bubble tea chain has surpassed McDonald's and Starbucks to become the world's largest food and beverage chain by store count, according to the Wall Street Journal.

Reuters and staff reporter