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. Founded in 2017 by Junjie Zhang, Chagee had nearly 6,700 teahouses worldwide at the end of March, with most of them located in premium shopping malls across China under a franchise scheme.