Chinese entrepreneur Zhang Junjie has joined the billionaire club at the age of 30 following his tea chain Chagee Holdings’ successful debut on the US stock market.
The milestone comes as Chagee began trading on the Nasdaq on 17 April 2025, raising S$559 million (USD 411 million) in an initial public offering that priced its shares at the top of its marketed range.
By midday in New York on Thursday, Chagee’s shares had surged by 40 per cent, pushing Zhang’s net worth to an estimated S$3.5 billion (USD 2.6 billion), according to the Bloomberg Billionaires Index.
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Zhang’s fortune stems entirely from his ownership stake in the company.
Humble Beginnings
Zhang founded Chagee in 2017 in China’s Yunnan province, a region in southwest China bordering Myanmar, Laos, and Vietnam.
Born in Yunnan province, Zhang faced significant early life challenges.
He became an orphan at age 10 and lacked formal education, beginning work at a local milk tea chain when he was 17.
He taught himself to read and write at 18 and quickly rose to a managerial position within the milk tea establishment.
Before founding Chagee, Zhang worked at Shanghai Youye Robotics as the deputy head of a department, according to the company’s prospectus.
Premium Tea Concept Fuels Rapid Growth
Chagee has distinguished itself from typical bubble tea brands by focusing on premium milk teas made from traditional Chinese blends such as green, black, and oolong teas.
The company’s name draws inspiration from the Chinese opera “Farewell My Concubine”, and its logo features a young female character from Peking Opera, known as a huadan.
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Its store design mimics the relaxed ambience of Starbucks, with drinks priced at just over S$2.70 (USD 2).
Zhang has emphasised the brand’s commitment to reviving ancient tea-making methods using modern technology to cater to health-conscious consumers increasingly moving away from sugary beverages.
Market Presence and Financial Performance
Chagee now operates more than 6,440 stores globally, with most located in China and others in Malaysia, Singapore, and Thailand.
Of these outlets, 6,270 are franchised, while 169 are company-owned.
The company reported revenues of S$5.5 billion (USD 4.03 billion) in 2024.
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Zhang joins a growing wave of Chinese entrepreneurs who have amassed fortunes through the booming tea chain industry.
Among them are the two brothers behind the bubble tea chain Mixue Group, known for its bubble tea, coffee, and ice cream.
The pair accumulated a combined fortune of around S$10.9 billion (USD 8 billion) following the company’s IPO in Hong Kong earlier this year.
International ExpansionÂ
Despite its rapid growth, Chagee has encountered obstacles in its international expansion efforts.
In Malaysia, the brand faced backlash after its app displayed Beijing’s controversial nine-dash line claim over the South China Sea.
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A similar issue has led to investigations in Vietnam, where the brand plans to expand.
The chain is set to launch its first US outlet this spring at the Westfield Century City shopping centre in Los Angeles.
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