Chinese bubble tea maker Chagee reportedly hires Starbucks talent, mulls US IPO

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Chinese bubble tea chain Chagee has reportedly hired Li Tao, vice president of Starbucks China, paving the way for the rising brand’s further expansion, according to local media outlet 36Kr. Founded in 2017, the bubble tea maker has found widespread success in China’s crowded ready-to-drink beverage industry through its addition of fresh milk to raw-leaf tea. Why it matters: The reported move comes as Chagee mulls a US listing to widen its access to financing. Chagee founder Zhang Junjie has set a goal of surpassing Starbucks China in terms of sales volume in 2024. Beverages are mostly priced at around RMB 20 ($2.75) at Chagee, the fourth-largest Chinese to-go beverage chain.