Global law firm Baker McKenzie and Chinese law firm FenXun, through their joint operation platform Baker McKenzie FenXun, have advised China's leading venture capital company, XVC, on its investment in Chagee Holdings Limited ("Chagee") as part of Chagee's initial public offering and listing on the Nasdaq Global Select Market.

The Chinese bubble tea chain has offered 14.68 million American depositary shares at USD 28 each, raising USD 411 million. With the full exercise of the over-allotment option (Greenshoe), the total proceeds could exceed USD 470 million, marking the largest U.S. IPO by a China-based company so far this year.

XVC is the largest investor in Chagee, according to the company's filing with the SEC.

The team included Capital Markets Partners Dan Ouyang from Baker McKenzie, Ronnie Li and Zhenzhen Bao from FenXun and Associate Yu Ma from FenXun.