CHINA’S beverage chains have become superb at opening stores, but are they becoming better businesses?

This matters beyond China. For Singapore beverage and even retail operators, it raises a familiar question: when does expansion start cannibalising?

Luckin Coffee’s latest results capture this contradiction. In the second quarter of 2026, revenue rose 28.5 per cent year on year, while the firm added 2,714 stores to make up a total of 36,310.