In China’s booming “new-style tea” market, one brand has gone from zero to more than 7,000 stores in under a decade. Chagee, now trading on the Nasdaq under ticker CHA, made headlines with a blockbuster IPO earlier this year, but only to see its shares cool from the highs. What does this say about the company’s growth model, its overseas push, and whether investors should still have it on their watchlist?

Dan Koh and Ryan Huang sip on Chagee’s rise, the numbers behind its latest earnings, and what the stock’s rollercoaster ride reveals about consumer trends and investor appetite for China’s lifestyle brands abroad.