US private investment firm Bain Capital has agreed to acquire bubble tea chain Gong cha Global from private equity firm TA Associates and other shareholders, reports Caixin.

The deal comes as Gong cha, after exiting the Chinese mainland market in 2024 following a prolonged struggle with trademark disputes and copycats, shifts its focus to overseas markets amid the rapid global expansion of Chinese rivals.

The transaction is expected to close in the fourth quarter of 2026, Bain Capital said Wednesday, without disclosing financial terms. Seoul Economic Daily reported in July that TA Associates had hired JPMorgan Chase to explore a sale, initially seeking about $1.4 billion. The report said that valuation implied a price-to-earnings multiple of nearly 20, causing some potential buyers to pause due diligence.

China’s largest hotpot chain Haidilao International Holding is aiming to further diversify its business with hamburger stores and has also opened up more sushi stores to tap new growth drivers, reports the South China Morning Post. This comes as its core hotpot business shows slowing momentum.

Hong Kong-listed Haidilao officially launched its burger outlet Fresh Burger in downtown Wuhan, in China’s central Hubei province, in late July. Fresh Burger mainly offers freshly grilled burgers with no pre-made frozen meat patties. Burgers are priced between RMB 18.9 ($2.80) and RMB 41.9, and its menu includes items like pizza, pasta, coffee and ice cream, according to the group.

Meanwhile, Haidilao’s new sushi brand, Nyoisushi, opened two new stores in Wuhan in late July. The brand’s first store in Hangzhou, in eastern China’s Zhejiang province, saw immediate popularity upon its launch.

Hong Kong consumers are shopping more across the border in mainland China, drawn by lower prices and wider adoption of digital payments, reports the South China Morning Post citing data from payment giant UnionPay International.

Offline UnionPay card spending in mainland China by Hong Kong residents rose nearly 30% year on year in the first half of 2026, while online and digital transactions recorded even stronger growth, data released on Thursday showed.

The trend reflected deepening integration of the consumer markets in Hong Kong and mainland China, supported by seamless digital payments, improved connectivity and increasingly cross-border lifestyles across the Greater Bay Area.

China accused the European Union and France of erecting discriminatory trade barriers, warning of possible retaliation after the bloc imposed a €550 million ($628 million) fine on Alibaba Group’s AliExpress, reports Caixin.

The Commerce Ministry said on Wednesday it was “strongly dissatisfied” with the European Commission’s decision and urged European regulators to stop abusing legal discretion. It also criticized a French law aimed at fast-fashion retailers including Shein and Temu, describing it as a discriminatory measure introduced under the banner of environmental protection.

The sharp response reflects rising friction between China and Europe as regulators across the bloc tighten oversight of Chinese cross-border e-commerce platforms and low-cost imports.

American burger chain Five Guys will debut its first Beijing store next month, reports the South China Morning Post. Following the success of its Shanghai store, the move will see the company join a group of US fast-food brands newly entering or accelerating their expansion in China.

Chains including Wendy’s, Chili’s, Texas Chicken and Popeyes are hoping to grab a slice of the world’s second-largest consumer market as they face saturation at home, analysts said. Meanwhile, Nasdaq-listed Wendy’s announced in May that it plans to open up to 1,000 stores across China over the next 10 years. It has signed a new franchise agreement with an experienced local restaurant operator, whose name remains undisclosed, according to its first-quarter earnings report.

“Some smaller American chains are seeking opportunities in China to offset saturation in their domestic markets,” said Sandy Lim, China consumer analyst at S&P Global Ratings. “Despite fierce competition, there are still pockets of demand within China’s large catering market.”