Chinese tea firm Chagee soars in Nasdaq debut after $411 million IPO

Chinese tea firm Chagee's CHA.O shares jump as much as 42.9% in Nasdaq debut; last up 38.3% to $38.71

Stock opened at $33.75 versus $28 IPO price, valuing the firm at $6.2 billion

Shanghai-based CHA sold ~14.7 million American depositary shares at the top end of its marketed range of $26 to $28 apiece to raise $411.2 million

Listing marks first notable U.S. IPO since President Donald Trump unveiled sweeping tariffs earlier this month

Citigroup, Morgan Stanley, Deutsche Bank and CICC were the lead underwriters

Founded in 2017, Chagee is a premium tea drinks brand with 6,681 teahouses worldwide at March end

Cornerstone investors subscribed to Chagee's shares worth up to $205 million