Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
China Executes Man Who Killed 3 Fearing Wife’s Forced Sterilization Under One-Child Policy
China Unveils First 3D Images From Newest Earth Observation Satellite
Apple Swerves $150 Levy on iPhones As U.S. and China Strike Trade Deal
LATEST
Ping An’s OneConnect Expands U.S. IPO to Raise $312 Million
China Hits the Accelerator on Road Surveillance Equipment
Baidu Unveils Budget Touch-Screen Smart Speaker with Focus on Child Safety
Alibaba Co-Founder Steps Down From Board Affiliated to Chinese EV Maker
Samsung Invests Additional $8 Billion in Flash Memory Chip Production in China
Markets Applaud Talk of U.S.-China Trade Deal
Chinese Genome Sequencing Firm to Supply Tech to Abu Dhabi Personalized Health Care Project
Apple Swerves $150 Levy on iPhones As U.S. and China Strike Trade Deal
China Merchants Bank Executive Arrested in Connection to P2P Business
Hillhouse-Backed Genor Plans $200 Million Hong Kong IPO
GitHub Looks to Open Subsidiary in China
5G Handsets Grow As Proportion Of China’s Sluggish Smartphone Market
China Executes Man Who Killed 3 Fearing Wife’s Forced Sterilization Under One-Child Policy
Agriculture Insurance Companies Take A Hit From African Swine Fever
Tencent-Backed News App Denies Explosive Fraud Allegations From U.S. Due-Diligence Firm
Defying Sentiment, WeWork’s China Rival Files for New York IPO
Electric Car Maker Nio Cuts 141 Jobs at North American Headquarters
Huawei Wins Telefonica Deal to Help Build German 5G Network
China Unveils First 3D Images From Newest Earth Observation Satellite
Tesla to Raise Prices in China Again, Sources Say

By Tang Ziyi / Nov 30, 2018 02:36 PM / Business & Tech

Photo: VCG

Photo: VCG

China’s coffee wars are heating up.

The State Administration for Market Regulation has approved the sale of Costa Coffee to Coca-Cola for £3.9 billion ($5.1 billion), UK hospitality company Whitbread Plc announced in a statement on Thursday.

The company said the acquisition still needs approval from the European Union regulator.

Costa Coffee entered the Chinese market in 2007 and has opened 450 stores in China, according to Forbes, citing data from the Wall Street Journal. The company is eyeing 1,200 stores in China by 2022, according to the South China Morning Post.

Competition has been heating up among coffee chains in China, partly due to the success of the Beijing-based Luckin Coffee. Earlier this month, Starbucks raised the price of its drinks by 1 yuan (15 U.S. cents).

Related: Trouble Brewing in China for U.S. Coffee Chains

Share this article
Open WeChat and scan the QR code