Chinese bubble tea chain Auntea Jenny surged nearly 70% in its Hong Kong debut, raising over $35 million and minting new billionaires. It’s the latest in a wave of IPOs from tea giants like Mixue, now the world’s largest chain with more stores than Starbucks. ➡️ But investor hype is cooling. Nayuki is down 90% since its 2021 listing, and even strong debuts like Mixue’s face slim margins and heavy discounting. ➡️ With China’s tea market brewing toward $28 billion, the real test isn't how fast these brands scale—it's who stays profitable once the sugar rush fades. CNBC's Emily Tan reports.