Chagee Holdings Limited, a Chinese tea chain, has received approval from the China Securities Regulatory Commission for an overseas initial public offering (IPO).

The company, known for its milk tea, has filed for an overseas listing on the US stock market.

Chagee plans to issue approximately 64.7 million common shares and seek a listing on either Nasdaq or the New York Stock Exchange within 12 months of the notice.

Founded in 2017 in Kunming, Yunnan, Chagee expanded from 1,000 stores in 2022 to 5,699 globally, with over 70% opening in the past two years.