Maples 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 comprised Legal Manager Charmaine Chow. The Group's Fund Services business acted as the Cayman Islands Share Registrar of Chagee with the team comprising Eastern Fong, Regional Head of Fund Services – Asia and Senior Vice President, Christy Poon.
Chagee was advised by Davis Polk & Wardwell LLP as to US law and King & Wood Mallesons as to PRC law. The underwriters for the Offering were represented by Cleary Gottlieb Steen & Hamilton LLP as to US law and Fangda Partners as to PRC law.