Latest news with #Chagee
Eater
5 days ago
- Business
- Eater
Goldburger's Chinatown Location Suddenly Closes After Less Than a Year
is an editor of the Southern California/Southwest region, who covers the evolving landscape of LA's food scene. Los Angeles hamburger mini-chain Goldburger suddenly closed its Chinatown location on August 3 after less than a year open. The restaurant took over the former Burgerlords space in fall 2024. Owner Allen Yelent announced the closure in a post on Instagram on August 4, writing, 'We're sad as all hell it didn't work out for us here.' The post attributed the closure to a 'historic downturn' for restaurants in Los Angeles, and the cumulative effects of the 2025 fires, curfews, and slow traffic in the Chinatown Central Plaza. Goldburger's other locations in Los Feliz and Highland Park remain open, with a new location in Granada Hills still in progress. A vegan grocer expands to the Original Farmer Market East Hollywood vegan grocery store Besties has opened an outpost at the Original Farmers Market right next to Singapore's Banana Leaf. The shop offers a range of plant-based ingredients, snacks, and treats, alongside vegan hot dogs and soft serve. Meghan at Funke Meghan, Duchess of Sussex, shared on Instagram that she recently celebrated her birthday at Funke. In the post, she calls the meal one of the top five of her life. Chagee expands to Long Beach Just a few months after opening its first U.S. location at Westfield Century City, China-based tea company Chagee is expanding. Long Beach food scene reports that the tea shop is developing a new location in Long Beach, at the former site of a Dave's Hot Chicken. Ditroit at Cafe Telegrama Arts District taqueria Ditrioit is popping up at Cafe Telegrama in Melrose Hill on August 7. From 10 a.m. to 2 p.m., Ditroit will serve tacos, quesadillas, conchas, and more on the patio.
Straits Times
5 days ago
- Business
- Straits Times
China firms set for record US listings, undeterred by geopolitics
Sign up now: Get ST's newsletters delivered to your inbox In April, bubble tea chain Chagee debuted on the Nasdaq after raising US$411 million in the biggest IPO of a Chinese firm in the US in 2025. SHANGHAI/HONG KONG - A record number of Chinese companies are seeking a US listing this year as onerous domestic listing rules and the prospect of better valuations convince them to brave volatile trade relations and US calls for strict oversight of Chinese firms. In the first half of 2025, 36 mostly small and mid-sized Chinese companies went public in the United States, following a record-breaking year of 64 in 2024, said law firm K&L Gates. Many of those firms went public through special purpose acquisition companies (Spacs) - listed companies set up to buy mainly start-ups, making them public without them having to go through the lengthy initial public offering process. Waiting to list on the Nasdaq are more than 40 Chinese companies, including a mobile advertising service provider and a traditional Chinese medicine maker, Chinese disclosure showed. That number, which excludes confidentially filed listing applications, will take the annual tally of Chinese firms going public in the US to a new high if all materialise this year. 'I think it's a healthy year for Chinese IPOs. It will probably be a record year or near that,' said David Bartz, partner at K&L Gates, who has built a 'robust' pipeline of Chinese clients seeking first-time share sales in the US. Chinese firms have had a harder time going public at home since the government tightened listing rules in 2023, raising the appeal of listing via Spacs in the US, as well as that country's deeper pool of capital. Top stories Swipe. Select. Stay informed. Singapore 25-minute delay on East-West MRT Line between Boon Lay and Buona Vista due to track point fault Singapore Finding hidden vapes: Inside ICA's mission to uncover contraband at land checkpoints Singapore Sorting recyclables by material could boost low domestic recycling rate: Observers Singapore SM Lee receives Australia's highest civilian honour for advancing bilateral ties Asia Trump's sharp India criticism on tariffs, Russia oil corner Modi as rift deepens Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan Pursuing a US listing amounts to a bet that calls from US lawmakers aimed at diminishing Chinese access to the world's largest capital market can only go so far, bankers and lawyers said. One listing hopeful is racing car manufacturer Xinghui Car Technology, whose head raised a toast at a Shanghai hotel in June to celebrate a major step toward going public in the US. 'The US capital market is one of the world's biggest. It's liquid and allows easy access to funding,' said Xinghui chairman Song Wenfang upon signing a preliminary agreement to be acquired by Nasdaq-listed Spac UY Scuti. Since Xinghui's celebrations, investors have pushed US share prices to record highs, expecting trade deals to be the beginning of the end of uncertainty wrought by months of President Donald Trump threatening to impose steep tariffs. Spac sure Over 100 Chinese firms, including technology leaders Alibaba, and Baidu, are US-listed, boasting a combined market value of about US$1 trillion (S$1.3 trillion) as of March, showed data from the US-China Economic and Security Review Commission. In April, bubble tea chain Chagee debuted on the Nasdaq after raising US$411 million in the biggest IPO of a Chinese firm in the US in 2025. Of those seeking to list, a growing number are pre-profit or even pre-revenue start-ups, mainly in the tech sector, aiming for a quicker means of raising capital through a Spac listing, said Karen Mu, managing director at Alliance Global Partners. That demand has contributed to the total number of firms listing in the US via Spacs almost doubling last year to 57 and climbing to 76 so far this year, showed SPACInsider data. The increased Chinese interest, however, has caught the attention of US lawmakers who called for the delisting of Chinese firms from U.S. exchanges as recently as May citing national security concerns. In June, the US Securities and Exchange Commission singled out China as it sought to raise disclosure requirements for listing hopefuls. Domestic hurdles The rush of Chinese listing hopefuls heading West is being fuelled by high regulatory thresholds for listing at home as well as criteria skewed to spur growth of sectors in line with national interests. In China, a company needs to exceed a certain size or be profitable to qualify for a mainboard listing. Alternatively, to list on tech boards, firms need to align with government self-sufficiency goals or achieve set levels of productivity. It also takes nine to 12 months on average for an IPO candidate in China to secure regulatory approval, compared to six to nine months in Hong Kong and four to six months in New York, showed an analysis from Merits & Tree Law Offices. The lengthy approval process and high listing thresholds means that for start-ups, 'listing in China becomes mission impossible,' said deal adviser Ronald Shuang of investment company Balloch Holding. REUTERS
Business Times
18-07-2025
- Business
- Business Times
Chinese brands are piling into S-E Asia and expanding rapidly in sectors from food to electric vehicles
[SINGAPORE] BYD, Chagee, Luckin Coffee – many Chinese brands are flooding South-east Asian markets and turning into names the average consumer in Singapore is familiar with. These Chinese brands are expanding rapidly in the region, said a Euromonitor report released this week. South-east Asia is the largest and fastest-growing export destination for Chinese goods, with imports hitting US$587 billion in 2024 – a 12 per cent year-on-year increase, said the report. Various Chinese brands, in particular, have emerged as key drivers of growth in South-east Asian markets, in sectors ranging from food services to the beauty industry. 'Chinese brands are rapidly expanding across South-east Asia, driven by domestic economic pressures and regional opportunities,' the report said. 'This expansion reflects China's shifting economic landscape, where a struggling property sector, slowing domestic consumption and demographic challenges have pushed companies to seek growth abroad,' it added. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Euromonitor noted that the Asean-6 countries – Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam – represent 95 per cent of South-east Asia's US$4 trillion gross domestic product, offering 'compelling opportunities'. 'As barriers rise in Western markets, especially the unpredictable US trade policy, and China continues to de-risk from the US, South-east Asia has become both a key export destination and a strategic counterbalance,' the report said. In which sectors are they dominating in the region? It is where they hold competitive advantages, such as electric vehicles (EVs), electronics and appliances, the report said. But they are also expanding into new frontiers: that of tea beverages, beauty and pet food. Food and beverage South-east Asia's specialist coffee and tea shop market was valued at US$4.7 billion in 2024, with a projected 9 per cent annual growth rate through 2029. Chinese players, in particular, have been at the forefront of this expansion, where Mixue and Chagee increased their outlets by 80 per cent across South-east Asia between 2019 and 2024. These Chinese coffee and tea chains have witnessed rapid expansion since 2022, with the region's craze for coffee and milk tea attracting a wave of international and local brands since 2010. In recent times, Chinese consumer food services players have upped the aggressiveness of their business strategy with rapid outlet expansion, competitive pricing, discount coupons and mobile ordering. For example, Luckin Coffee, which launched in China in 2017 and now operates over 20,000 stores there, entered Singapore in March 2023 and has already surpassed 50 outlets. Most of them are concentrated in the southern Central Business District (CBD), catering to office workers. Similarly, bubble tea chain Chagee, which re-entered Singapore in late 2024, has also clustered its stores in the CBD, noted the report. The stores of many of these coffee and tea chains have asset-light store formats, which look like small outlets with limited seating, prioritising mobile-order takeaway. 'This lean model keeps operational costs low while enabling aggressive growth, boosting brand visibility and accessibility in new markets,' said the white paper. With regard to competitive pricing models, Luckin Coffee's strategy is a clear example, with the chain offering significantly lower price points, often through promotional pricing and bulk discounts. Customers purchase their beverages only through their app, reinforcing digital convenience as part of the value proposition. Upon the brand's launch in Malaysia in January 2025, it introduced its latte at a promotional price of RM2.90 (S$0.88), a dramatic markdown from its regular RM13, to attract a consumer base quickly and gain market share. Yet, its pricing is still about 20 to 30 per cent higher than local competitors such as ZUS and Gigi Coffee. 'This reflects a deliberate strategy to emphasise quality and premium ingredients, allowing Chinese brands to justify a higher price point while remaining more affordable than international incumbents,' noted the report published on Thursday (Jul 17). Electronics and appliances Chinese brands have long dominated industries requiring minimal localisation, such as in electronics, appliances and EVs. The smartphone market in South-east Asia exemplifies this trend, where Chinese players have surged to more than 60 per cent in market share, from 21 per cent in 2014. Such success has extended to other appliances markets, too. For instance, in the air-conditioning category, between 2015 and 2024, Chinese brands grew from 9 per cent to 25 per cent. This is in contrast to Japanese companies losing 7 per cent market share. Beauty and personal care As for Chinese beauty brands, they also leverage affordable pricing and digital-savvy strategies to challenge competitors in the region. Chinese brands recorded a compound annual growth rate of 115 per cent in the South-east Asian mass skincare market between 2019 and 2024. The report noted that Chinese companies such as Guangzhou Feimei (owner of Skintific), Hebe Beauty and Guangzhou Jizhi Trading (parent company of Focallure) have already gained significant market share – largely by dominating digital marketplaces such as Shopee, Lazada and TikTok. These brands succeed by delivering high perceived value at affordable prices, making them highly competitive in their segment. A key factor that sets today's Chinese brands apart is their strategic localisation. Companies such as Chinese-owned Focallure and Skintific, for example, are set up as local South-east Asia brands, thereby embedding themselves in regional markets through local subsidiaries, tailored offerings, and investments in regional talent and infrastructure. 'This approach blurs the line between foreign and home-grown brands, accelerating consumer acceptance,' said the white paper. Market penetration for Chinese brands, however, remains uneven across industries. While electronics and EVs enjoy dominant positions, other sectors are still scaling, influenced by variables such as corporate investment priorities, evolving consumer acceptance and local market dynamics, added the report. 'The premium beauty sector, for example, has seen less disruption as consumers still prefer well-established global brands with strong trust and recognition.' Growing resistance from other Asean nations China has invested increasingly in South-east Asia to leverage the Asean Free Trade Area, benefiting from lower tariffs, competitive labour costs and improved infrastructure. Therefore, over the past decade, Chinese foreign direct investment in the South-east Asian region has surged, particularly after the US-China trade war. Chinese investments in Asean's wholesale and retail sectors, for instance, surged by over 700 per cent in 2017, followed by a manufacturing boom in 2019. That said, the surge in Chinese imports in recent times may not be the best sign for local Asean players, and has since prompted some regulatory reaction from South-east Asian countries. Thailand's manufacturing output, for one, continues to decrease, and Indonesia's textile sector lost 80,000 jobs in 2024, with 280,000 more at risk this year. Industrial production in Asean's top economies, excluding Singapore, has stayed flat since 2022. This, the report said, is a potential threat to middle-class stability. The countries in South-east Asia are not staying put amid intense Chinese competition. Malaysia introduced a 10 per cent tax on low-value imports, and Indonesia has tightened controls on social media-based commerce. Meanwhile, TikTok's tie-up with Indonesia's Tokopedia also shows how Chinese companies are adapting through partnerships and localisation.
CNA
02-07-2025
- Business
- CNA
'A taste of China': Luckin Coffee's US debut draws cheers from Chinese media and consumers
BEIJING/WASHINGTON: Once dismissed as a cheap imitation of Starbucks, China's Luckin Coffee has not only overtaken its American rival on home turf - it is now expanding into the US, opening its first two stores in New York this week. News of Luckin's US store openings has been met with a wave of congratulatory messages and excitement on Chinese social media, with many celebrating the company's global expansion against the backdrop of the US-China tariff war. 'This is great. Luckin has gone (truly) global,' wrote a user by the handle Coffee Yi on the popular Sina Weibo microblogging site. 'Americans are going to pay (what we pay) in yuan for good coffee,' said another. On Instagram, users and influencers showed off free Luckin tote bags which were given out to promote the launch of its New York City storefronts and drinks that were priced as low as 99 cents. 'I love their iced coconut coffee and velvet latte drinks,' said a customer who visited a newly-opened Luckin branch on Sixth Avenue. 'Please open a store in California and bring your global ambassador Liu Yifei,' said another customer, referring to the Wuhan-born Chinese American actress best known for her role in Disney's 2020 live-action film Mulan. BREWING GLOBAL SUCCESS Chinese beverage companies have been having their moment in the spotlight - with Chagee CEO Zhang Junjie recently becoming a billionaire at age 30 after the tea chain successfully went public on the Nasdaq in April and beverage giant Mixue, now the world's largest F&B chain by store count, surpassing McDonald's and Starbucks, seeing success in Hong Kong after it made its IPO debut in March. Luckin first burst onto China's cutthroat coffee scene back in 2017 and industry watchers say young Gen Z customers have been vital to its success - many who flock to stores for a taste of its highly-affordable signature cold foams, brews and lattes. 'The rise of the Chinese coffee industry and Luckin is the result of China's embrace of the world,' wrote Chinese journalist Ding Gang in an opinion piece for state-run outlet Huanqiu, published on Wednesday (Jul 2). 'With flexible category innovation, digital operations and cost-effectiveness, Luckin has cultivated a variety of fresh flavors that suit young Chinese coffee drinkers,' he said. Ding noted that Luckin is one of the biggest buyers of coffee beans from Yunnan, a province in southwest China better known for its Pu'er tea. With a foothold in the US, industry observers will now be watching to see if Luckin's value-focused, app-based approach can win over American coffee drinks. 'The world has never lacked coffee (stores) and brands,' said Ding Gang, adding that the global coffee market would continue to expand. 'Luckin Coffee's (entry into) the US is not to copy Starbucks' strategy but to expand global taste boundaries - with coffee that carries a taste of China's heritage,' he said.
GMA Network
28-06-2025
- Business
- GMA Network
Chinese tea house Chagee set to enter the PH with 3 Metro Manila branches in August
Chagee, an international tea house from Yunnan, China, is set to enter the Philippine market with three branches opening in Metro Manila this August. The stores will be located at SM North EDSA, Robinsons Galleria, and Venice Grand Canal Mall. Ahead of its official launch, Chagee will host a pop-up event from July 7 to 13 at SM North EDSA, to offer Filipinos an early taste of its signature drinks, including its bestselling Boya Jasmine Green Milk Tea. Known for its modern tea bar concept, Chagee prides itself on using whole tea leaves and avoiding artificial sweeteners and flavorings, aligning with its focus on health and quality. The Philippines marks the latest addition to Chagee's growing branches worldwide, including locations in China, the United States, Singapore, and Malaysia. — Hermes Joy Tunac/LA, GMA Integrated News
