ByteDance Obtains Payment Business License

Beijing Bytedance Technology Co., Ltd., operators of social media platforms Douyin and Tik Tok has applied for a number of “ByteCoffee” trademarks, which are currently in the process of registration. The international classification of the trademark “ByteCoffee” is “30 – Convenient Food” and “43 – Catering and Accommodation.”

In recent years, China’s domestic coffee market has developed rapidly. Data shows that in 2017 and 2018, the growth rate of China’s coffee market was 20.2% and 31.1% respectively, far higher than the growth rate of the world’s overall coffee consumption. 

With the expansion of the consumer market, an increasing number of coffee brands are favored by capital.

Coffee Box, Luckin Coffee and Starbucks adjusted their business from e-commerce to offline coffee shops, making the country’s coffee industry increasingly crowded.

In the future, ByteCoffee, a subsidiary of Bytedance, may intensify the competition.

HPA-China Commentary: China’s largest homegrown China coffee chain, Luckin Coffee, has given Starbucks a run for its money with over 6,000 shops. However, it was rocked by fraud charges. An internal investigation revealed that key figures in management fabricated over US$300 million in sales. This huge stumble has opened the door for a potential domestic successor. With Bytedance’s social media power through Douyin, they just might be able to capitalize on this opportunity. Here is an article taking a look at Luckin Coffee’s current financial state. Seems they might be able to put the fraud dealings behind them and move forward. CLICK HERE.

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