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Chinese tea chain Chagee said on Thursday it was targeting a valuation of up to $5.1 billion in its U.S. initial public offering, braving choppy market conditions. Market volatility stemming from uncertainty over U.S. trade policy has tempered IPO activity as companies adopt a wait-and-see approach before proceeding. Shanghai-based Chagee is seeking up to $411 million by offering nearly 14.7 million American depositary shares priced between $26 and $28 each. The IPO also comes as the world’s two biggest economies are locked in an escalating trade war, prolonging macroeconomic uncertainty. While Chagee warned of some hit from the tariffs, it said “cross-border trade” was not its principal business. All of its products are manufactured in China. China in recent years has tightened scrutiny around firms pursuing offshore IPOs. Last year, Beijing stalled listings of several tea beverage companies worried over the poor performance of listed peers. Chagee, which specializes in raw-leaf fresh milk tea, is the latest in a string of Chinese consumer brands to pursue offshore IPOs in recent months. Chinese bubble tea firms Mixue and Guming went public in Hong Kong earlier this year. Chinese IPOs on U.S. exchanges raised $1.15 billion in 2024, compared with $469.7 million in 2023, according to data compiled by LSEG. That amount was still far below the $12.85 billion raised in 2021. “The IPO market rarely shuts down completely, and when it does, it doesn’t happen for long,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. Cornerstone investors have indicated interest in purchasing Chagee’s shares worth up to $205 million sold in the IPO. Rapid rise Founded in 2017 by Junjie Zhang, Chagee opened its first store in Yunnan province and has since rapidly expanded across and beyond China. The tea brand generated 29.5 billion yuan ($4.03 billion) in sales last year, with over 6,000 teahouses worldwide at the end of 2024. Nearly all of its stores are set in China under a franchise scheme. Chagee plans on serving customers across 100 countries and selling 15 billion servings annually as it aggressively expands its global reach. In recent years, Chagee has expanded across Southeast Asia, entering Malaysia, Singapore and Thailand. Chagee will list on the Nasdaq under the symbol “CHA”. Citigroup, Morgan Stanley, Deutsche Bank and CICC are the lead underwriters for the offering. ($1 = 7.3140 Chinese yuan renminbi) Arasu Kannagi Basil, Pritam Biswas, and Ateev Bhandari, Reuters
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E-Commerce
Another day, another recall. It if seems like there have been a number of recalls recently, you’re not imagining it. In the last month alone, there has been a recall for particular brands of soup, sparkling water, and vegetables. This time, it’s for butter. Whats happened? Agri-Mark, the maker of Cabot Creamery dairy products, conducted a voluntary recall for a single lot of its Extra Creamy Premium Butter, Sea Salted, totaling 1,700 pounds in 189 cases. Testing revealed an elevated level of coliform bacteria. The recall was initiated on March 26. Coliform bacteria often are considered indicators of fecal contamination. The U.S. Food and Drug Administration (FDA) has classified this as a Class III recall, which means the products are not likely to cause adverse health consequences. There have been no reported complaints or illnesses related to this product. “Agri-Mark successfully recovered 99.5% of the lot of the recalled product before it was sold to consumers,” the company said in a statement Wednesday. “A small amount17 retail packages (8.5 lbs.)was sold to consumers in Vermont,” where the company is based. Agri-Mark added that it has identified the cause and taken the appropriate internal actions to address it. No other products were affected. What states are affected? The recalled butter was distributed in seven states: Arkansas, Connecticut, Maine, New Hampshire, New York, Pennsylvania, and Vermont. What product is being recalled? Cabot Creamery 8 oz. Extra Creamy Premium Butter, Sea Salted Best by date: Sept. 9, 2025 UPC: 0 78354 62038 0 Impacted lot code: 090925-055 Item Number: 2038 What should I do if I have the recalled product? First, do not eat a recalled foodeven when the product in question is being recalled as a precaution, according to Foodsafety.gov. The company stated that “there have been a variety of news reports that are incomplete and have dramatically misrepresented this recall with respect to the risk it posed to consumers.” Consumers who have any concerns or questions about this product can contact Cabot Creamery, 888-792-2268 (weekdays, 9:30 a.m. 5 p.m. ET) or via email here.
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E-Commerce
Last year, when Canva used a rap song to promote its new suite of products for businesses, the reaction online was about what youd expect. Call 911 Im having a cringe overdose. This is Lin-Manuel Mirandas fault. The performance at Canva’s annual summit, Canva Create (Disclosure: Fast Company is a Create media partner), reminded many of corporate musical escapades of the past, like Bank of Americas adaptation of U2s One back in 2006, or Randi Zuckerbergs “Twisted Sister”-inspired ode to crypto in 2022. But for Canva, it drove attention and traffic to the brand. More than 50 million people saw the rap battle within 48 hours, which boosted social media chatter about Canva Enterprise by 2,500%. Cofounder and COO Cliff Obrecht said at the time, Haters gonna hate. Today at Canvas fourth Canva Create event at Los Angeless SoFi Stadium, the company doubled down on that confidence and rolled out another musical number. This time, it’s to help unveil Visual Suite 2.0, which the company says is its biggest product launch since its founding in 2012. This year, the brand went for a Broadway-style tune that unspools the tale of how Canva used more than a billion pieces of user feedback to bring 45 of the most-asked-for updates to its products. The cast featured 42 performers including creator Tom McGovern, design influencer Roger Coles (who starred in last years performance), and a special appearance by Canva design advisory board member Jessica Hische. There are also 12 members of the Singers of Soul choir and an additional 12 members of the LA Marching Band. The lyrics of the song are inspired by and quoted directly from customer requests and feedback. And in case you missed any of the promised platform upgrades live, the song will be available on Spotify. Many cringe-happy observers will be quick to ask why Canva chose to put its message to music again. But the move illustrates the importance of self-awareness, and how crucial it is if you dont want to be sloshed around by the tides of pop cultural trends, and instead . . . ahem . . . dance to your own tune. Community rap lessons Last year, more than 3,500 people attended Create, while millions of others tuned in to watch remotely, including at watch parties in cities from Tokyo to Delhi. It features 100 different speakers across 60 different stages. With more than 230 million monthly users, Canva has a large, attentive audience for its content. CMO Zach Kitschke says the event is the companys biggest moment of the year for bringing its community together. Over the years, Kitschke has observed how big swings can cut through the noise of so much marketing. It’s been a principle of our marketing, really since we launched, that people will remember these heightened experiences or moments, he says. Over 90% of our traffic is driven by brand and word-of-mouth these days, and that has come from a fostering of community. With the rap, it could have been a very, very boring topic that no one took note of, but learned you can change the conversation in a matter of minutes by creating a moment out of something like that. What was often left out in the discourse around the rap last year was that the idea came from Canva user and community member Roger Coles. At a time when more brands are looking to their hardcore fans and customers for how to connect with culture, Canva did just that. And thats why it struck up the band again. Kitschke says that community runs through everything the brand does. That means including them in our commercials and putting them up on stage at events like this, he says. It’s not just marketing, but it’s an acknowledgement. And its a really special way to bring people into the fold.
Category:
E-Commerce
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