AsianFin — Chinese tea company Chagee has raised $411 million in its U.S. initial public offering by pricing its shares at $28 each, the top end of the marketed range, according to two sources familiar with the matter.

The company sold 14.7 million American Depositary Shares (ADS), valuing Chagee at approximately $5.1 billion, based on regulatory filings. The offering range had been set at $26 to $28 per share.

The IPO comes at a tense moment in global markets, as investors weigh the escalating risk of a U.S.-China trade war. U.S. President Donald Trump’s recent tariff announcements have heightened uncertainty, while U.S. Treasury Secretary Scott Bessant last week indicated that all options remain on the table, including potentially delisting Chinese companies from American stock exchanges.

Despite these headwinds, Chagee moved forward with the listing, having launched the deal just last week. The company did not immediately respond to a request for comment.

The pricing at the high end suggests strong investor interest, even amid geopolitical and regulatory pressures clouding the outlook for Chinese firms listed in the U.S.

Chagee joins a small but growing number of Chinese consumer brands seeking international capital to fund their expansion, betting that strong demand for premium lifestyle products—like specialty tea—can help weather the political storm.