Chinese bubble tea brand Cha Bai Dao has recently completed a funding round of RMB 1 billion, with a nearly RMB 1.8 billion valuation, according to a 36Kr report. Orchid Asia led the investment, Loyal Valley Capital, Grass Green Group, CICC, and Fanqie Capital participated. Founded by Wang Xiaokun in 2008, Cha Bai Dao is one of China’s top four tea brands in terms of scale and reported an annual profit of RMB 900 million last year. Despite having only one-third the market scale of the leading brand Mixue Bingcheng, Cha Bai Dao boasts higher profit margins. As of October 2022, the brand ranks fourth in China, following Mixue Bingcheng, Guming, and Shuyi, according to statistics from China Chain Store & Franchising Association. [36Kr, in Chinese]