Phoenix Technology News Beijing time on April 11, according to Bloomberg, although US President Trump's tariff policy triggered sharp fluctuations in the stock market, the chain tea brand Bawang Tea Ji is still seeking to raise $411 million through its initial public offering (IPO).

According to a prospectus filed with the Securities and Exchange Commission on Thursday, the company will issue 14.68 million American Depositary Shares (ADS), at $26 to $28 per share . Based on the number of issued shares listed in the prospectus, based on the upper limit of the issue price range, the maximum valuation of Bawang Tea Girl is approximately US$3.3 billion.

The prospectus shows that affiliated funds of CITIC Investment, RWC Asset Management, RWC Asset Management (USA), Allianz Global Investment Asia Pacific Co., Ltd. and Orix Asia Asset Management Co., Ltd. intend to subscribe to a total of up to US$205 million in ADS at the IPO price.

The King Tea Girl is expected to be listed on the Nasdaq Global Select Market under the stock code "CHA", with Citigroup, Morgan Stanley, Deutsche Bank and CICC serving as underwriters.

Previously, Mixue Ice City, a domestic peer of Bawang Tea Girl, was listed in Hong Kong in March, creating the largest IPO transaction on the Hong Kong Stock Exchange so far this year. The listing of Mixue Bingcheng has attracted strong interest from retail investors, who are eager to seize the opportunities brought by the tea craze such as pearl milk tea. The tea beverage market size is expected to grow to US$71 billion in the next three years. (Author/Xiao Yu)

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