Recently, a wedding invitation thrust two young men from different business sectors in China into the spotlight.
Invitations show that John Zhang, the founder of Lemony Snicket, and Gao Haichun, the daughter of the founder of Trina Solar, will bemarried on December15th.
The union of these two young people is not only a fusion of emotions, but also alink betweentwopublicly traded companies with acombined market capitalization of more than$60 billion.
A tea drink from Yunnan“generation“, a Changzhou photovoltaic leader of the“second generation“, this cross-border marriage has triggered the business world’s infinite reverie.
A$61.3billion market capitalization union:
Tea drink upstart’s family connection with PV giant
This marriage links two young entrepreneurs.John Zhang,born in 1993 in Kunming, Yunnan Province, is the founder and head of Bawang Chaji.
His brideGao Haichun, also bornin1993, is a graduate of Brown University and is known in the industry as“the most beautiful second generation of photovoltaic“.
The two met not through a business arrangement but met at a Young Entrepreneurs Learning Event. From meeting to falling in love, the two are now registered to be married and will soon organize their wedding.
Trina Solar responded to the matter by stating that both companies are listed companies, and that there have not yet been any related transactions or business cooperation. This statement deliberately draws a clear line between family affairs and business cooperation.
Photo/Jonathan Zhang, Haichun Gao, Source: Red Star News, Erratum
Second,the8-year7,000-store legend:
The Rise of Bawang Chaji from Yunnan to the World
John Zhang’s entrepreneurial story is a business legend. Before founding Bawang Tea Ji, he started from the grassroots level, served as the deputy regional manager of Yunnan Dawei Beverage, and then joined Shanghai Master Wood Robotics, responsible for the Asia-Pacific region business.
In 2017, Zhang Junjie founded the brand of Bawang Chaji in Kunming, andon November17 ofthe same year, the first store opened on Wuyi Road in Kunming.
After the establishment of the brand expanded rapidly, just a few years, the king of tea Ji has gone from the southwest corner of the country and even the world.
In2021, James Zhang made an important decision to move the headquarters to Chengdu, Sichuan Province, and completed over300million yuan of financing. Subsequently, Lemony Snacks started a rapid pace of expansion.
In2023, the total salesGMVof Bajaj Chajireached10.8billion yuan, with an average of483,000 yuanper store in the foot month, and a same-store growth rate of88%.
InMarch2025, Bawang Cha Ji publicly filedan IPOprospectuswith the U.S. Securities and Exchange Commission, with plans to raise up to$100 million in capital, under the ticker symbol“CHA”, which isthe phonetic symbol for“tea“.
As ofthe second quarter of2025, the number of Bajaj Chaji’s global stores has reached7,038, andGMVin overseas marketshas reached$235.2million, a77.4%year-on-year jump.
Photo/John Chang, Source: United Daily News, Lemony Snacks, Invasion and Deletion
Three,28years of photovoltaic giants:
Trina Solar’s Industrial Layout and Second Generation Succession
Unlike the entrepreneurial rising star image of Lemony Snicket, Trina Solar is aveteran photovoltaic leaderfounded in1997.
Headquartered in Changzhou City, Jiangsu Province, the company’s main business covers three major segments: photovoltaic products, photovoltaic systems and intelligent energy.
After more than two decades of development, Trina Solar has become the world’s leading provider of total PV smart energy solutions.
As the daughter of Trina Solar’s founder, Jifan Gao, Haichun Gao has assumed key roles in the business.in January2025, Haichun Gao became Co-Chairman of Trina Solar; andfromMarch2025to the present, she also serves as Co-President of Trina Fuchs.
Her annual salary at Trina Solar exceeded3million dollars, and she held a number of key positions, including vice general manager of the strategic investment department and president of the solutions business group.
However, Trina Solar is currently facing industry challenges. Financial reports show thatin the first three quarters of2025, Trina Solar had a net loss of4.201billion yuan.
The company explained that this is mainly due to the industrial chain supply and demand imbalance, PV product market prices continue to be at a low level, the module business profitability declined significantly.
Photo/Haijun Gao, Source: Red Star News, Trina Solar, erasure
(iv)$60 billion in capital synergies:
Crossover Imagination Space of Two Listed Enterprises
This marriage, ostensibly a combination of two seemingly disparate worlds of tea and photovoltaics, actually contains a profound business logic.
Pang Rui, a branding expert and founding partner of JSI, analyzed that the effect brought by this marriage is complementary and scalable.
“Lemony Snicket may be able to use this to enhance its brand capital endorsement, while Trina Solar is gaining wider public attention through this event.“
In terms of market capitalization, as ofNovember20,2025, Trina Solar has a market capitalization of approximately41.866billion yuan, and Lemony Snicket has a market capitalization of approximately18.5billion yuan, withthe combined market capitalization of the two companies exceeding60billion yuan.
This figure demonstrates the strength and influence of both companies in their respective fields.
The marriage of the second generation of enterprises is not new in China’s business world. Pang Rui pointed out that today’s“household matching“has transcended the simple wealth match, and has evolved into a high degree of cognitive level, business philosophy and even social circles.
In the opinion of Huang Heshui, director of the Branding and Advertising Research Center at Xiamen University, the marriage of companies can both borrow public attention to strengthen the brand image and inject confidence into the long-term development of enterprises.
Picture / Lemony Snacks Login NASDAQ , Successful listing, Source: Lemony Snacks
V.77.4%overseas growth:
Southeast Asian markets become the main battlefield for tea drinks to go overseas
The Southeast Asian market occupies a key positionin Bajaj’s globalization strategy.In August 2019, just two years after its creation, Bajaj opened its first store in Malaysia, taking the first step in its overseas strategy.
Subsequently, Bawang Chaji entered Singapore, Thailand and other markets one after another.
According to the “Dreaming of Southeast Asia–Freshly Prepared Beverages Going Overseas Category Research Report”released by Reese Strategy Consulting, the Southeast Asian market is becoming the main battleground for China’s new tea and freshly prepared coffee brands to compete overseas.
The report concluded that the next five years will be the era of globalized competition in Chinese tea drinks, and the horn of the war for position has already blown.
Lemony Snacks’ layout in Southeast Asia is not an isolated case. Up to now, Honey Snow Ice City’s stores are concentrated in Vietnam and Indonesia, Lemony Snack’s core strength is in Malaysia, and Xi Cha is the first to launch in Singapore.
These Chinese tea beverage brands have made Southeast Asia their first stop in globalization.
The Singapore market has been particularly strong.inJune2025, food and beverage service sales in Singapore amounted toSGD962 million, withonline sales accounting for a whopping26.7% ofthe total.
This shows that food delivery platforms and online ordering services have been deeply integrated into consumers’ daily lives.
For Chinese ready-made tea drink brands, the Southeast Asian market has great potential, but also many challenges. The Reese report argues that while new domestic tea drink brands entering Southeast Asia may seem to have a natural competitive advantage, Southeast Asia is not a market that can be taken easily.
Picture / Lemony Snacks Store Global Layout, Source: Lemony Snacks
Six,4-step strategy for opening a store:
A Practical Guide for Ordinary People to Enter the Singapore Milk Tea Market
For the average entrepreneur, the Singapore milk tea market has both potential and challenges. There are a number of statutory procedures that need to be completed in order to open a milk tea store in Singapore.
Company registration is the first step.According to the Accounting and Corporate Regulatory Authority (ACRA) ofSingapore, entrepreneurs need to first determine the company name, nature of business, registered address and other information, and subsequently submit an application for company registration.
After completing company registration,trademark registration is equally crucial.Trademark searches and registrationsthrough the Intellectual Property Office of Singapore (IPOS) can protect the value of your brand and avoid future disputes.
Food Shop License application is a core part of the process of opening a store.According to the Food Authority of Singapore, opening a milk tea store requires aFood Shop Licenceapplication, a process that can becompletedthrough theGoBusinessplatform.
The application process consists of four steps: first obtaining approval-in-principle, then starting to fit out the store, then requesting an inspection from the Food Authority of Singapore, and finally completing the license payment.
At the approval-in-principle stage, the applicant is required to submit a completed application form and a compliant layout plan, andthe approval time is up tosevenworking days.
Layout plans must provide a scale, indicate kitchen equipment and infrastructure, and show dining area boundaries.
After obtaining in-principle approval, the entrepreneur can start renovation. Upon completion,an appointment for inspection by the Food Authority of Singaporeneeds to bemadeat least5working daysin advance.
Inspections may be conducted via virtual inspection or photo submission.
Upon fulfillment of all licensing requirements, the applicant willreceive a payment notice within28days. Upon completion of payment, the milk tea store can officially open.
Schematic diagram, source: Lemony Snicket
Conclusion:
Milk tea store entrepreneurs in Singapore are embracing the wave of the new tea drink era as Lemony Tea Kiosk continues to expand in the Southeast Asian market.
The marriage of James Zhang and Gao Haichun is a metaphor for howtraditional industries and emerging consumerism, family capital and entrepreneurship, are finding a point of convergence in the new business era.
Behind the star-studded wedding, the future of the two companies, and the landscape of the entire new tea beverage industry, is quietly being reshaped.
If you have plans to open a business or start a business in Singapore, please contact us and an account manager will assess your situation and develop a solution that can be implemented on the ground.
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