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☆ Young Chinese are trading Shanghai for small cities. Brands like KFC are following them with thousands of stores.
▼ + stars: | 2024-04-23 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . They're struggling to make it in big cities as the world's second-largest economy suffers from a flailing property market and slow post-pandemic consumption recovery. Going big on smaller citiesChina's smaller cities aren't exactly an untapped market. KFC and Pizza Hut operator Yum China, which plans to add 6,000 stores in China by 2026, is also betting big on small cities. AdvertisementThe cost of living crisis driving young people out of China's big cities is a trend that echoes across continents.

Persons: —, MetroDataTech, They're, Joey Wat, DPC, Canyandata Organizations: Migrants, Service, KFC, Bloomberg, Starbucks, Yum Locations: megacities, Shanghai, Shenzhen, MetroDataTech, China, Beijing, —, Yum China, Local, Fuzhou, Korea, New York City, London

☆ Spending in Shenzhen: Chinese used to escape to this former British colony. Now Hongkongers are heading in the opposite direction
▼ + stars: | 2024-02-24 | by ( Chris Lau | Veronica Lin | ) edition.cnn.com time to read: +13 min

Hong Kong CNN —With Hong Kong’s sky-high cost of living, residents like Andy Tsui have been looking for alternative ways to have more fun and spend less. Rather than spending his cash in his hometown of Hong Kong, he’s been crossing the border into mainland China to splurge instead. Such trips are noteworthy because, for much of Hong Kong’s modern history, the traffic has been largely — conspicuously, even — in the other direction. Hong Kong used to be the place where Chinese would escape to, not from. In 2023, just 26 million mainlanders — about half of the 2018 crowd — visited Hong Kong.

Persons: Andy Tsui, he’s, boba, ” Tsui, Justin Robertson, Noemi Cassanelli, CNN Hong Kong’s, Hong Kong —, misbehaving, —, ”, Steve Tsang, Hong, Shenzhen’s, Hongkongers, Gilles Sabrie, Hongkonger Eddy Lam, Lam, Cherrie Leung, Qilai Shen, Hugo Sin, “, Gary Ng, John Lee, Tsang Organizations: Hong Kong CNN, CNN, Shoppers, Yuen, Britain, Newspapers, Hong, Hong Kong Immigration Department, China Institute, SOAS University, Huawei, Tencent, Bloomberg, Getty, Sam’s Club, Costco, Sam’s, Walmart, Hong Kong, Shenzhen hasn’t, Xinhua, RTHK, SOAS University of London Locations: Hong Kong, China, splurge, Peking, Shenzhen, East, Hong, People’s Republic of China, British, Beijing, London, Bay Area, San Francisco , New York, Tokyo, Kowloon, Coco, Shanghai, “, Inner Mongolia, Taiwan, Japan, Mainland China, Hong Kong’s, Britain, Canada, Australia, Bay, ”

☆ Bubble tea will test limits of China’s consumers
▼ + stars: | 2023-08-08 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, Aug 8 (Reuters Breakingviews) - Bubble tea may be the new bellwether for the Chinese consumer. At least half a dozen boba-drink makers, including China’s largest chain by store count, Mixue Bingcheng, are planning initial public offerings in Hong Kong or the United States, Bloomberg reports. Shares in Hong Kong-listed Nayuki (2150.HK), the country’s only publicly traded bubble tea chain, have dropped 70% since their debut in 2021. Follow @t__shum on TwitterCONTEXT NEWSAt least six bubble tea companies are looking to go public in either Hong Kong or the United States, Bloomberg reported on July 24 citing people familiar with the matter. In 2022, China’s biggest bubble tea chain by store count, Mixue Bingcheng, filed for a $918 million initial public offering in Shenzhen.

Persons: Mixue, Gen, Mixue Bingcheng, Robyn Mak, Katrina Hamlin, Pranav Kiran Organizations: Reuters, Bloomberg, HK, KFC, Haidilao, Refinitiv, Thomson Locations: HONG KONG, Hong Kong, United States, Beijing, China, Shenzhen

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