Maples Group Advises Chagee US IPO, the Second Largest Chinese Listing in Three Years

Maples and Calder, the Maples Group’s law firm, is pleased to have advised Chagee Holdings Limited (“Chagee”) on its initial public offering of 14,683,991 American depositary shares, each representing one Class A ordinary shares of Chagee, on the Nasdaq Global Select Market (the “Offering”). The offering, which closed on 21 April 2025, raised gross proceeds of approximately US$411.2 million, making the second largest Chinese IPO in the US within the last three years.

Chagee is a leading premium tea drinks brand, serving freshly-made tea drinks. The company operates teahouses in mainland China, Hong Kong, Malaysia, Thailand, Singapore, Indonesia and soon in the US.

A team of lawyers based in the firm’s Hong Kong office acted as Cayman Islands counsel to Chagee. The team was led by Partner, Derrick Kan, with assistance from Legal Manager, Charmaine Chow. The Group’s Fund Services business acted as the Cayman Islands Share Registrar, with a team comprising Eastern Fong, Regional Head of Fund Services Asia, and Senior Vice President, Christy Poon.

Commenting on the transaction, Derrick Kan said, “We are delighted to have advised Chagee on its US IPO, which stands as the second largest US IPO of a Chinese issuer in the past three years. This significant achievement represents a milestone capital markets deal during this volatile period. We anticipate more successful listings and cross-border transactions in the future.”

Davis Polk & Wardwell acted as US legal adviser while King & Wood Mallesons acted as PRC legal adviser to Chagee. Cleary Gottlieb Steen & Hamilton acted as US legal adviser, and Fangda Partners acted as the PRC legal adviser to the underwriters.