I just got in on $CHA Chagee Holdings, my thoughts so far: A decade ago, Chagee began as a single teahouse in Yunnan. Today it runs thousands of chic, white-brick cafés that serve cold-brewed oolong in perfume-style bottles. Investors like the storyline: when the company rang the Nasdaq bell in mid-April, the stock opened well above its offer price and briefly tagged a multibillion-dollar valuation. What’s working: Fly-wheel expansion. 2024’s store count swelled into the mid-six-thousands, powered largely by franchisees rather than corporate capex. Chagee sits at the “new-style tea” end of the spectrum: higher price point than the grab-and-go stalls and a calmer vibe than the neon milk-tea chains. Its first overseas stores (from Kuala Lumpur to Vancouver) are