Tencent and ByteDance smell opportunity brewing in China cafe chains

Tech leaders invest in likes of Manner Coffee and Tim Hortons

20210624N China cappuccino

A cappuccino served at a Beijing cafe: China's cafe market is on pace to grow 15% annually in the five years through 2023. © Reuters

NAOKI MATSUDA, Nikkei staff writer

SHANGHAI -- Tencent Holdings and ByteDance are among the Chinese tech companies betting that their products and coffee shops will go together as good as, well, coffee and cream.

Despite last year's Luckin Coffee accounting scandal still fresh in the minds of many, China's up-and coming coffee chains have become the favorite of many of the country's largest tech companies, which can smell opportunity brewing.

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