Tea drinks Black Horse Overlord Tea Ji (CHA.US) is aiming for a US stock market IPO, planning to raise $100 million to start a global journey.

Chinese milk tea chain brand King Tea Princess (CHA.US) submitted an application to the U.S. Securities and Exchange Commission (SEC) on Tuesday, planning to raise up to $100 million in funds through an initial public offering (IPO). The company will be listed on the Nasdaq Stock Exchange with the stock code "CHA". The IPO application comes as the company prepares to open its first store in the United States at the Westfield Century City shopping center in Los Angeles this spring. According to a regulatory filing, since its establishment in 2017, as of December 31, King Tea Princess has opened over 6,400 stores in China, Malaysia, Singapore, and Thailand, with about 97% of the stores located in China. King Tea Princess expects to achieve revenue of $1.7 billion and net profit of $344.5 million by 2024. The regulatory filing mentioned that founder and CEO Zhang Junjie was inspired by the success of international coffee companies to create this chain brand, aiming to promote the modernization of tea drinks. China is the second largest market for Starbucks Corporation. The official website of King Tea Princess states that the company hopes to "serve tea lovers in 100 countries worldwide, create 300,000 job opportunities globally, and sell 15 billion cups of freshly brewed tea each year." The company secretly submitted its listing application on March 6, 2024. Citigroup, Morgan Stanley, Deutsche Bank Aktiengesellschaft, and CICC are the joint bookrunners for the transaction. The pricing and other terms of the offering have not been disclosed. If King Tea Princess successfully lists on the Nasdaq, it will be one of the few Chinese companies still seeking to go public in the United States. Data from the U.S.-China Economic and Security Review Commission shows that the number of Chinese companies listed on the three major U.S. stock exchanges decreased by 5% from January 2023 to January 2024.