Exhibit 10.4

THE SYMBOL “[ ]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS been omitted in reliance upon Item 601 of Regulation S-K as the registrant has determined that the omitted information (i) is not material and (ii) is the type that the registrant treats as private or confidential.

Notice

1.         This Contract consists of the Individual Store Franchise Contract and its exhibits including the Investment Policy, the Supplemental Agreement on Food Safety, the Franchised Teahouse Store Management Rules, and the Online Operation System. Party B agrees if Party A and the Manager adjust, after signing of this Contract, the policies and rules on the operation and management of the Franchised Teahouse, Party B shall continue to observe and perform the adjusted policies and rules.

2.         Before signing this Contract, Party A has disclosed relevant information as provided in the Regulation on the Administration of Commercial Franchises and the Measures for Administration of Information Disclosure of Commercial Franchises, and has provided a detailed account of the provisions of this Contract, including, among others, the cost provision, compliance provision, liabilities for breach of contract. Party B has fully understood the said information and provisions of this Contract, made no objection to the authenticity, legality and validity of the said information and the supporting documents relating thereto, been fully aware of its own rights and obligations thereunder, and agreed to respect and perform this Contract.

3.         Except where handwriting is required, no part of the signed Contract is allowed to be arbitrarily supplemented or amended by hand; otherwise the validity of this Contract or its provision may be affected. Where any provision of this Contract needs to be supplemented or amended, a supplemental agreement shall be entered into by both parties.

4.         When completing the relevant contract, the undersigned shall read carefully the contract provisions, especially those where you need to make an election, provide a supplement, fill in some information, and make an amendment to. Be sure to fill in the blank as shown in, e.g., “_____” where an election is requisite; if the actual situation does not apply or the Parties have reached no agreement, please write “/” or “N/A” where appropriate to indicate the absence of a relevant agreement.

5.         Any supplementary agreement, commitment and other written documents which are signed by our staff shall be affixed with our contract seal or official seal; otherwise the documents shall not be legally binding on the Company.

6.         In case this Contract is executed by Party A and Party B using electronic signatures, the signatures shall be executed by the electronic signature system provided or designated by Party A. Party B understands and confirms that its electronic signature shall be the exclusive one generated after verification of Party B’s signature and identity information by a third-party electronic signature service institution. Party B uses the electronic signature for executing this Contract and represents Party B’s true intention, and agrees that the electronic signature completed via the system provided or designated by Party A shall be deemed a reliable electronic signature having the same legal effect as seal or handwritten signature. This Contract shall take effect immediately upon the signing of this Contract by both parties through the system provided or designated by Party A in the form of electronic signatures.

Contract No.

Individual Store Franchise Contract

Party A:

Unified Social Credit Code:

Authorized representative:

Mailing address:

Contact number:

E-mail:

Party B:

Unified Social Credit Code/ID No.

Authorized representative:

Mailing address:

Contact number:

E-mail:

WHEREAS:

1.             Party A owns, and is legally authorized to use, all the IPRs (as defined below) for the operation of Chagee teahouses, including but not limited to the Chagee trademarks, logos and service marks, store system logos, designs, artwork, product information, vendor information, models, styles, store management models, accounting statistics, professional training programs, and all related resources and information such as a unified system integral to the operation); and intends to authorize Party B, by way of franchising, to use, subject to certain scope and restrictions, the relevant IPRs, proprietary technology, business model for a fee.

2.             Party B voluntarily accepts Party A’s licensing authorization, applies Party A’s knowledge, experience and management techniques, and, under Party A’s business rules and instructions, engages in the business activities within the scope as provided in this Contract and pays Party A the corresponding fees.

3.             Party B has fully understood that the operation success of a teahouse consists in its own operation efforts as well as in balanced and skillful adherence to the operation rules and instructions of Party A. Therefore, Party A shall make no guarantee for the profitable operation results of Party B’s franchised teahouses.

In view of the above, based on a principle of joint development, mutual benefits, optimization and integration of the resources of the two parties and improvement of operational efficiency, with a view to promoting fair, just, orderly and sustainable development of business environment, providing quality products and services to the consumers, and continuously increasing the market share of Chagee teahouses in the PRC market, and with a wish for equality, good faith and mutual benefits, Party A and Party B, in accordance with the Civil Code of the People’s Republic of China and other relevant laws and regulations, hereby reach the following cooperation consensus and agreement:

Party B may operate a franchised teahouse in the form of an individual natural person or an established partnership or company. If Party B signs this Contract in the name of a natural person, Party B needs to ensure that the responsible person indicated on the materials specified in Article 1.2 such as legal qualifications is the same person as the contracting parties. In the event of inconsistency, Party B shall guarantee that the effectiveness of this Contract shall inure to the individual proprietorship, partnership, company or other entity which actually carries out the business, and shall provide the written undertaking or confirmation letter issued by the entity which actually carries out the business to acknowledge the effectiveness of this Contract.

If Party B signs this Contract in the name of a company and sets up a branch with the register/registration address as the place of franchise, Party B hereby undertakes and represents that: Party B agrees to authorize such branch with full authority to exercise all the rights and assume the obligations hereunder on behalf of Party B and to deal with all the matters hereunder on behalf of Party B, including but not limited to matters such as payment of contractual fees, modification and amendment of this Contract, and daily operation and management, etc. The acts and acts of such branch shall be deemed the acts of Party B, which Party B accepts unconditionally and without any objection.

If Party B is a company or partnership, the performance of this Contract shall not be affected due to adjustment in its shareholders, change in its partnership share or transfer of equity, and it shall notify Party A in writing within 10 days upon the occurrence of such change.

Special Notes:

The disinfestation service is annually charged and only made available to the stores corresponding to the address as provided in this Contract, and the disinfestation service provided per annum (for a period of 12 months commencing from the month of the effectiveness of this Contract) for each store shall be no more than 12 times (not including the number mentioned). Party A will not provide such service if no service fee is paid.

Account Name:

Bank Name:

Account No.:

All the payments due to Party A under this Contract shall be made to the above designated account. In case of payment to other accounts, including but not limited to the personal accounts of the employees of Party A, Party B shall be deemed to have failed to perform its payment obligation, and any losses arising therefrom shall be borne by Party B.

Party A will conduct, in light of the market demand, marketing and promotion activities as planned to enhance the brand awareness of Chagee. Party B shall actively cooperate with Party A and share with Party A the marketing expenses in the marketing and promotion activities organized by Party A to enhance the popularity and sales of the Chagee brand, as well as in the marketing strategies and work requirements.

Party A may provide Party B, having a regard for the brand operation, with advertising materials. For all the advertising materials provided by Party A (including but not limited to the publicity items and materials related to the trademark, corporate information and image spokesperson (if any) of Party A or the publicity items and materials jointly launched or provided with any third party), Party B shall post or use such items and materials in accordance with the term and the method of the use as specified by Party A, and shall dispose, in strict accordance with the requirements of Party A, of such items and materials in a centralized manner or otherwise as required by Party A. Party B shall not privately produce advertising materials or carry out marketing activities. Where necessary, Party B shall apply to Party A for approval and may only carry out the same upon the written consent of Party A. Party B may formulate its sales policies merited by the actual circumstances and, subject to the written consent of Party A, implement such policies.

In order to ensure the consistency of the brands, Party A shall be responsible for providing Party B with the brand image and visual effect design plan of Chagee, including but not limited to such services as store design plan, signboard design plan, shelf design plan, commodity display plan, store operation and management plan, management sale model, service quality control system, equipment procurement list, cashier system, mobile mini program membership system, smart large screen display push system, supply chain cloud order platform, cloud inspection, monitoring system and other digital information systems and production methods. Party B shall strictly conform to the said brand image and visual effect design plan provided by Party A, shall not change the same arbitrarily without the consent of Party A, nor shall Party B authorize a third party to use such plan.

Party A shall have the right to require Party B and its Franchised Teahouse to install and use the operational software (including cashier, takeout, operation, management, ERP, APP, order and mobile mini program) and the monitoring equipment and system developed or designated by Party A, and to ensure, at the expense of Party B and its Franchised Teahouse (Party B shall pay additional expenses as agreed herein), the integration of the said software and monitoring equipment into the relevant system of Party A and the real-time uploading of data and monitoring for Party A’s review. If Party B and its Franchised Teahouse breach the provisions of this Contract, or if the Contract is suspended, rescinded or terminated, Party A and the Manager shall have the right to suspend or terminate the use by Party B and its Franchised Teahouse of the said software and services.

Party B acknowledges and agrees that Party A shall have the right to optimize, adjust, update and replace the operational system provided by Party A at any time and Party B shall cooperate unconditionally.

To ensure the consistency of the quality of products and services, Party A, the Manager and the staff authorized thereby shall have the right, regularly or irregularly, to guide, inspect, supervise and assess the business activities of Party B including, without limitation, monitoring the stores and/or inspecting the production, operation and office premises of Party B’s teahouses at any time, to which Party B shall give its consent and with which Party B shall undertake to actively cooperate, provided that the normal operation of Party B shall not be affected.

If Party A discovers in inspection that Party B’s teahouses hurt the brand image of Chagee or fail to meet the consistency requirements of Party A, Party A shall have the right, based on the default circumstances, to demand for rectification and require Party B to solve the issue, close the store for rectification, or pay liquidated damages. Party B shall timely remediate the default within the time limit specified in Party A’s remedy notice, and bear all the cost to be incurred; if no cure is made within the specified time limit, Party A shall have the right to suspend the supply of goods and terminate the relevant systems (including but not limited to cashier system, takeout platform, mobile mini program for ordering food, ordering platform, etc.) equipped by Party A for Party B’s Franchised Teahouse, require Party B to pay RMB10,000 in liquidated damages, and continue to request Party B to continue the rectification; if Party B fails to remediate the default or fails, upon remedy, to meet the requirements of Party A, Party B shall be deemed incompetent to operate the teahouses, and Party A shall have the right to terminate, unilaterally, this Contract and withhold the remaining deposit. If after the completion of the rectification, similar issues (including those for which earlier rectification is required and new issues) are unearthed when Party A or the Manager inspects the store again, Party B shall be deemed to be in material breach of contract, and Party A shall have the right to withhold all the deposit and terminate this Contract unilaterally.

During the term of the franchise, Party A shall have the right to assess the performance ability of Party B in accordance with the Franchised Teahouse Store Management Rules (the “Rules”, refer to Exhibit III for details). Party B shall strictly implement the Rules, accept and cooperate with the supervision by Party A or the Manager on the implementation of the Rules, and actively raise the brand image of Chagee.

Party A and the Manager shall arrange training and assessment for the employees of Party B in terms of store opening, operation and management, marketing, product manufacture, etc. Party B shall not open the store and start operation until the employees of Party B pass the assessment as confirmed by Party A.

Party A shall develop various new products according to market demands, and provide technical trainings to Party B from time to time. Party B shall delegate employees to Party A or the store designated by Party A to learn new products or receive remote training.

Within the term of this Contract, Party B shall operate the business independently. Without prior written consent of Party A, Party B is prohibited from transferring, in whole or in part, the store business and rights and obligations hereunder to a third party by contracting, leasing, cooperation, entrustment or otherwise. If Party B intends to transfer this Contract, it may, with prior written consent of Party A, transfer, in whole or in part, the rights or obligations hereunder to a third party other than Party B, in such manner and particulars as agreed by Party A, provided that Party B shall guarantee that such third party is able to fulfill the corresponding obligations under this Contract. All else being equal, Party A or a third party designated by Party A has a right of first refusal (ROFR) with respect to the said business. After Party A issues a ROFR notice, Party B shall not cancel the transfer or alter the transfer price or transfer conditions or Party B’s transfer will be null and void and Party A will be entitled to immediately and unilaterally terminate this Contract and pursue Party B’s liabilities for breach of contract.

Except as otherwise approved by Party A in writing, Party B can open one franchised teahouse only in the territory authorized by Party A. Without prior written consent of Party A, Party B shall not be engaged in any of the following activities; otherwise, Party A shall be entitled to terminate this Contract unilaterally and withhold all the deposits paid by Party B:

To reflect the consistent brand image of Chagee, Party B shall implement the design and decoration plan of Party A or the Manager. Party B shall decorate the store in full compliance with the design plans (including the floor plan, effect drawings and construction plan, the same below) and shall not change the plan, still less select other plans without approval. The IPRs of the design plans shall be owned by Party A or the Manager, and Party B shall not provide the IPRs to any third party whatsoever without the written permission of Party A or the Manager.

Party B agrees that the decoration contractor designated by Party A will decorate the Franchised Teahouse and that it will enter into a construction contract with the decoration contractor. Any related decoration expenses shall be borne by Party B. Party B shall confirm the same with the decoration contractor. Party B and the decoration contractor shall carry out the construction in accordance with the design plan and decoration standard provided by Party A, and shall notify Party A or the Manager of Party A to inspect and approve the decoration work after completion of decoration. The store may not be open for trial operation or open until all the requirements of inspection and approval are met. If the requirements of inspection and approval are not met, rectification and improvement shall be made within the time limit specified by Party A. Unless approved by Party A in writing, Party B’s refusal to use the decoration contractor designated by Party A shall be deemed a material breach of this Contract, in which case Party A is entitled to terminate this Contract unilaterally and withhold all the fees received from Party B.

If the signboard and the decoration and interior decoration of the store operated by Party B are obsolete or damaged, which has affected the consistent brand image of Party A, Party B shall carry, within the time limit specified by Party A, out repair and maintenance at its own expense in accordance with the then current corporate decoration requirements and standards (CIS).

Party B shall not carry out the construction, reconstruction, improvement and decoration of the Franchised Teahouse without the written consent of Party A; otherwise, Party A shall be entitled to terminate the project and pursue Party B’s liabilities for breach of contract. If Party B carries, without authorization, out the said works which is inconsistent with the design specifications of Party A’s store, causing the store unable to open for business, Party A shall be entitled to require repair and the relevant liability shall be borne by Party B.

All products required by Party B’s teahouses, such as raw materials, packaging utensils, marketing materials, machines and equipment, software systems, etc., shall use the products designated by Party A and must be purchased from the Designated Supplier. Any dispute arising out of the quality of the purchased goods between Party B and the Designated Supplier shall be specified in a separate written agreement entered into by and between Party B and the Designated Supplier. Party A may assist Party B in negotiating with the Supplier to resolve such dispute.

Party B may purchase fresh seasonal fruits temporarily; but the brands and quality must meet the requirements of Party A. Party B guarantees that the raw materials procured by it will meet the relevant PRC quality standards or industry standards (whichever is higher). Party B agrees, upon receipt of the notice of unified purchase of fruits from Party A, to purchase fresh seasonal fruits from Party A or the Designated Supplier from the date specified in the notice and Party A or the Designated Supplier shall provide the fruit in a unified manner.

Without the written consent of Party A, Party B shall not resell to a third party the food materials, fruits, packaging materials, machinery and equipment, software system, etc. that it purchases from Party A or use those in non-contracted stores.

Party B undertakes to operate the products strictly in accordance with the requirements of Party A on raw materials, manufacture formula, packaging of the products, and requirements of stores with respect to environment, hygiene and service, etc., and shall not modify by itself the taste or match the appearance of products or conduct other activities that may cause difference in the taste, quality and packaging of the products. Party B shall strictly control the quality of products, accept and cooperate actively with the supervision conducted by Party A or the Manager over the quality of products.

For any reason attributable thereto, Party B shall be fully responsible for any damage to the rights and interests of any third party, and no liability shall Party A assume in this case; if Party A is compelled to assume, up front, liability for the damages, Party A is entitled to deduct the amount of damages directly from the franchise deposit and, for any deficiency, to seek indemnity at any time from Party B, who shall compensate for the shortage.

The store management system (hereinafter referred to as the “Electronic System”) provided by Party A to Party B is only used for the operation of the Franchised Teahouse. Party B agrees that Party A may open a management account for Party B in accordance with the information provided by Party B.

Party B understands and confirms that the said account corresponds to a unique user name which can be used by Party B through a verification code or set password (if any). Party B can only conduct various operations after logging in the said management account. If the management account of Party B is linked to a corresponding mobile phone number, Party B confirms that the verification and login through the mobile phone number linked to the account and relevant operations have been effectively authorized by the owner, and such login and operation will remain valid during the effective period of this Contract. The losses caused by change to the mobile phone number or by unauthorized linking shall be borne by Party B. Party B shall properly keep the user’s name, linked mobile phone number and password of this account. All losses caused by improper keeping of the user’s name, linked mobile phone number and case number shall be borne by Party B.

The contents of Party B’s confirmation in the Electronic System through the management account by means of filling out, checking or clicking or any operations conducted by Party B shall be deemed the behavior of Party B or the expression of Party B’s true intention, and Party B shall bear the relevant consequences.

Party B shall be the person primarily responsible for safety production, fire control and safe operation of stores, be responsible for the safety management of the production and operation of stores, and shall bear full liability for the safety issues of the production and operation of stores.

Party B shall conscientiously perform the obligations provided by the relevant PRC laws, regulations and prescriptive documents, in particular, strictly comply with the relevant requirements on food quality, food safety and hygiene in the industries of food, beverage and catering as well as the requirements on subject liability in relation to public safety and fire control specified in the said laws, regulations and rules, accept supervision and inspection from the relevant safety functional department, cooperate with Party A or the Operation Service Provider to conduct food, production and fire control safety inspection and monitoring of the stores’ operations (including food safety audit, microbiological monitoring and fire control spot check), and complete quality and safety improvements as required by Party A. Nevertheless, Party B shall bear full liability for food, production, fire control and other safety issues of the stores.

The personnel employed by Party B in the operation of the Franchised Teahouse are all employed by Party B or the Franchised Teahouse, and have no employment relationship with Party A. Party B or the Franchised Teahouse shall enter into labor contract in accordance with the PRC laws and regulations with the employees recruited, and shall notify the employees that the relationship of their labor is that of Party B, and the employees have nothing to do with Party A.

Party B and the Franchised Teahouse shall abide by relevant PRC labor laws and regulations, the relevant labor regulations in the place where the Franchised Teahouse is located and the contracts relevant to the employees of Party B and the Franchised Teahouse shall pay labor remuneration such as salary and social insurance as required by laws and implement relevant working hour system. Any labor dispute between Party B and the Franchised Teahouse and the employees employed by the Franchised Teahouse shall be resolved by Party B and the Franchised Teahouse timely, and Party B and the Franchised Teahouse shall bear the expenses and legal liabilities arising from such resolution. In the event of any dispute (including labor and work-related injury dispute and the foregoing matter which is complained to Party A), litigation or complaint to the competent supervisory authorities arising from Party B and the employees employed by the Franchised Teahouse with Party A, Party A shall have the right to resolve such dispute, litigation or complaint independently. Party B and the Franchised Teahouse shall, upon the lawful request of Party A, provide relevant evidence to assist Party A in handling the dispute or arbitration/litigation, with the expenses arising therefrom to be borne by Party B. In the event of any loss (including but not limited to salaries, overtime pay, economic damages and compensation paid by Party A to the employees of Party B, attorney fees and litigation costs paid by Party A for participating in the litigation or other statutory dispute resolution procedures) suffered by Party A, Party B shall compensate Party A for all the losses suffered by Party B as a result thereof. Party A shall have the right to deduct such amount from the deposit paid by Party B. In case the deposit is not sufficient for compensation, Party A shall have the right to deduct such amount from other fees (if any) deposited by Party B with Party A or from the fees or goods or products payable by Party A’s affiliates, or to seek recovery from Party B.

Party B and the Franchised Teahouse shall be responsible for the following acts of their employees:

Confidentiality provisions must be encompassed in the employment contracts or labor contracts entered into between Party B and its employees to ensure that the Confidential Information of Party A will not be disclosed. If Party B’s employees violate the confidentiality obligations provided in this Contract, it shall be deemed Party B’s violation of this Contract, and Party B shall bear the liabilities for breach of contract provided in this Contract.

Party B shall not use the Confidential Information without the authorization of Party A; failure to so act shall be deemed Party B’s breach of contract or infringement of rights, and Party A shall have the right to pursue legal liabilities of Party B and claim damages against Party B to compensate Party A for all the direct or indirect economic losses.

Without the prior written consent of Party A, Party B shall not disclose and divulge the contents of the ongoing or completed cooperation between the Parties to any third party in any form.

Party B shall not copy, lend or misappropriate the operation manual and other documents and materials provided by Party A to Party B in accordance with this Contract. On the date of expiration or termination of this Contract, Party B shall return all of these documents and materials to Party A immediately.

No confidentiality obligations undertaken by Party B herein shall determine as a result of the rescission or termination of this Contract by the Parties; that is to say, the confidentiality provisions herein shall survive the termination of this Contract.

The force majeure mentioned in the preceding paragraph refers to an objective event which is unforeseeable, insurmountable, and unavoidable and has significant impact on a party, including but not limited to natural disasters such as flood, earthquake, fire, and storm, and social events such as war, turmoil, and government action.

Party A shall have the right to deduct the said liquidated damages and related expenses directly from any amount payable to Party B by Party A or Party A’s affiliates or from any deposit to be refunded to Party B.

Any dispute arising from the performance of this Contract shall be resolved through negotiation in a timely manner; if such negotiation fails, any dispute may be referred to the competent people’s court at the place where Party A is located.