I’ll admit it—I didn’t expect to find myself this intrigued by a tea company’s IPO. But Chagee, one of China’s fastest-growing tea chains, is brewing up quite the financial blend as it eyes a $400 million raise through a New York listing. It’s not just the bubble tea that’s frothy—investor expectations are quietly fizzing too. The timing is bold, if not outright cheeky. US-China tensions are hardly a whisper anymore—they’re a full-blown tariff tango, with the SEC and geopolitical hawks scrutinising Chinese listings like never before. Yet here comes Chagee, aiming to list at a valuation up to $5.1 billion. That’s not outrageous, mind you—especially when you stack it up against tech unicorns with questionable unit economics and losses deeper than the Mariana Trench. Let’s talk numbers—real o