Naixue

Corporate brand

A Chinese premium teahouse chain known for modern tea drinks, fruit teas, baked goods, and socially oriented store formats.

Last updated October 16, 2026

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Overview

Naixue (奈雪的茶) is a Chinese tea drink chain. Nayuki Holdings Limited is a publicly listed Chinese teahouse chain founded in 2014 and headquartered in Shenzhen, focused on the premium segment. It operates the freshly made tea drink brand '奈雪の茶' and the sub-brand '台蓋'. The company listed on the Hong Kong Stock Exchange on 30 June 2021 and has been described as the 'world's first tea drink stock'. As of September 2024, it had 1,926 franchised locations. Naisnow is the international reference name for Nayuki Holdings Limited, a Chinese premium teahouse company founded in Shenzhen in 2014 by Peng Xin and her husband, Zhao Lin. The business is associated in China with the name 奈雪的茶 and has also used the English forms Nayuki and Naixue. It operates in the contemporary tea and beverage sector, where it competes with other Chinese chains offering freshly prepared tea drinks, fruit-based beverages, milk teas, and light food. The company was created after Peng Xin identified an opportunity to reposition milk tea and related beverages for urban consumers who wanted a more refined environment than the small, low-cost beverage stalls commonly associated with the category. Its early target audience was described as professional women in their twenties and thirties. Naisnow therefore combined drinks with store design, comfortable seating, bakery products, and a setting intended for socializing. This premium positioning was reflected in its emphasis on ingredient quality, presentation, cups, and the visual identity of its outlets. The founders opened the first physical location at Excellence Century Plaza in Shenzhen and soon added two further stores. According to the company’s published background, they used their home mortgage to support the early business. The concept developed around a combination of tea beverages and freshly made baked products, distinguishing Naisnow from chains focused only on low-priced takeaway drinks. Its expansion model subsequently included directly operated shops and, from 2023, franchised locations. Naisnow became a significant public-market company when it completed an initial public offering on the Hong Kong Stock Exchange on 30 June 2021. The listing made it the first upscale teahouse chain to list in Hong Kong, and the offering raised approximately US$656 million according to the cited reference material. The shares opened below the offer price on their first trading day. The listing gave the company capital and visibility, but the chain later faced investor concerns related to pandemic disruption, store closures, slower growth, and the economics of expansion. The brand also faced reputational pressure in 2021 after Chinese media reported alleged hygiene and food-safety violations at several Beijing stores, including cockroaches and spoiled fruit. Naisnow said that mainland authorities had found no food-safety problems and announced that it would conduct self-inspections across its stores. The episode highlighted the operational-control challenges of running a large food-and-beverage network. In December 2022, the company altered its Chinese branding by replacing the Japanese possessive particle の in its Chinese name with a Chinese character carrying the same meaning. It also shifted its English branding toward Naixue, the pinyin pronunciation. The move was presented as an effort to reduce perceived Japanese associations and develop a more explicitly Chinese, or “China chic,” identity. During the same month, Naisnow acquired a 43.64% interest in rival tea chain Lelecha for approximately US$75 million, expanding its strategic exposure to the sector. The company’s later strategy placed greater emphasis on franchising. In 2023, it entered or expanded its franchise model to accelerate store growth and respond to stronger expansion by domestic competitors. By September 2024, the cited reference material reported 1,926 franchised locations. Naisnow remains positioned as a premium Chinese tea and bakery chain, although its operating performance and share-price history have generated investor criticism. Its principal strategic tensions are balancing premium brand presentation with affordable mass-market competition, maintaining consistent food-safety standards across a growing network, and using franchising without weakening customer experience or brand control. Naixue (奈雪的茶), also known internationally as Naisnow and formerly as Nayuki, is a Chinese premium teahouse chain operated by Nayuki Holdings Limited. Founded in Shenzhen in 2014 by Peng Xin and her husband Zhao Lin, the company operates the freshly made tea drink brand '奈雪の茶' and the sub-brand '台蓋'. It focuses on the premium segment, combining freshly prepared tea drinks, fruit teas, milk teas, and bakery products with café-style spaces aimed at urban socializing. The company listed on the Hong Kong Stock Exchange on 30 June 2021, described as the 'world's first tea drink stock', raising approximately US$656 million. In December 2022 it revised its branding toward a more distinctly Chinese identity and acquired a 43.64% stake in rival Lelecha for approximately US$75 million. From 2023 it expanded franchising, and as of September 2024 it had 1,926 franchised locations. Naixue completed an initial public offering on the Hong Kong Stock Exchange on 30 June 2021, becoming the first upscale teahouse chain to list in Hong Kong. The offering reportedly raised approximately US$656 million, although its shares opened 4.7% below the offer price on debut. The listing provided capital and visibility but also exposed the company to greater scrutiny regarding growth, profitability, operating execution, and valuation. The chain later faced investor concerns related to pandemic disruptions, store closures, slowing growth, and the economics of expansion. The brand also faced reputational pressure in 2021, when Chinese media reported alleged hygiene and food-safety violations at several Beijing stores, including cockroaches and rotten fruit. Naixue said mainland authorities found no food-safety problems and announced self-inspections at all stores, and it pledged to strengthen food-safety controls, inspections, and employee training. The episode highlighted the operational-control challenges of running a large food-service network. In December 2022, the company revised its Chinese and English branding, replacing the Japanese possessive particle 'の' in its Chinese name with a Chinese character of equivalent meaning and shifting its English branding toward the pinyin form Naixue. The move aimed to reduce Japanese associations and develop a more distinctly Chinese or 'China chic' identity. In the same month, Naixue acquired a 43.64% stake in rival tea chain Lelecha for approximately US$75 million, expanding its strategic position in the industry. The company's later strategy placed greater emphasis on franchising. In 2023, it entered or expanded the franchise model to accelerate store growth and respond to the rapid expansion of domestic competitors. As of September 2024, the cited reference material reported 1,926 franchised locations. Naixue has also sought growth outside mainland China, including operations in Hong Kong and Singapore, though overseas activity has remained smaller than the mainland business. Naixue remains positioned as a premium Chinese tea-and-bakery chain, and its main strategic tensions lie in balancing premium brand presentation with competition in the mass market, maintaining consistent food-safety standards across a growing network, and using franchising without weakening customer experience or brand control.

History

Nayuki Holdings Limited is a publicly listed Chinese teahouse chain founded in 2014 and headquartered in Shenzhen. It focuses on the premium segment. The company operates the freshly made tea drink brand '奈雪の茶' and the sub-brand '台蓋'. On 30 June 2021, Naixue's Tea was listed on the Hong Kong Stock Exchange and was called the 'world's first tea drink stock'. As of September 2024, it has 1,926 franchised locations. Naisnow began in Shenzhen in 2014, when Peng Xin and Zhao Lin established a tea-and-bakery concept designed to elevate the image of milk tea and related drinks. Peng had observed that professional urban women were an important audience for milk tea, but that many existing outlets were perceived as low-end and unsuitable for extended social use. The founders responded with a more polished store environment, a focus on product presentation, and a menu pairing tea beverages with baked goods. The first physical shop opened at Excellence Century Plaza in Shenzhen, followed shortly by two additional stores. The founders reportedly used the mortgage on their home to support the early venture. From the beginning, the brand’s differentiation rested not only on its beverages but also on atmosphere: stores were intended to function as comfortable meeting places for modern urban consumers. This helped establish a premium identity in a crowded Chinese beverage market. The business expanded as a chain of teahouses and became known in China as 奈雪的茶. Its offerings centered on freshly prepared tea drinks, fruit teas, milk teas, and bakery products. The model required significant attention to store design, ingredient handling, preparation processes, and consistency across outlets. That operational complexity later became important as the company grew. On 30 June 2021, Naisnow completed an initial public offering on the Hong Kong Stock Exchange. The company was described as the first upscale teahouse chain to list in Hong Kong. The offering reportedly raised US$656 million, although its shares opened 4.7% below the offer price on debut. The public listing provided a new source of capital while also exposing the company to greater scrutiny regarding growth, profitability, operating execution, and valuation. In August 2021, the brand attracted negative attention after Xinhua reported alleged violations of food-safety and hygiene rules at certain Beijing stores. The reported issues included cockroaches and rotten fruit. Naisnow stated that mainland authorities had found no food-safety problems and said it would carry out self-inspections at all stores. The incident illustrated the reputational risks faced by a large food-service chain, particularly one whose premium promise depended on visible quality and cleanliness. The COVID-19 pandemic affected the company through store closures and weaker sales. Growth subsequently slowed, while investors became dissatisfied with the company’s financial performance and share-price trajectory. The business also faced intensifying competition from Chinese tea and beverage chains, making rapid but controlled expansion a central strategic challenge. In December 2022, Naisnow revised its Chinese and English branding. The Chinese name replaced a Japanese possessive particle with a Chinese character expressing the same meaning, while the English name moved toward Naixue, the pinyin form. The stated objective was to reduce Japanese associations and strengthen a Chinese cultural identity described as “China chic.” In the same month, the company acquired 43.64% of rival Lelecha for approximately US$75 million, giving it a substantial minority position in another tea-chain business. From 2023, Naisnow placed more emphasis on franchising as a way to accelerate network growth and compete with fast-expanding domestic rivals. This represented a shift from a model relying more heavily on directly operated locations toward a broader system that could use franchise capital and local operators. By September 2024, the cited reference material recorded 1,926 franchised locations. The franchise strategy may improve expansion speed and capital efficiency, but it also increases the importance of training, supply-chain discipline, food-safety controls, and consistent brand execution. Naisnow’s history therefore combines premium-category innovation, public-market expansion, brand repositioning, acquisition activity, and the continuing challenge of scaling a service-led food business in China. Nayuki was established in Shenzhen in 2015 by Peng Xin and Zhao Lin during a period when China's freshly prepared tea sector was moving from traditional tea shops toward branded, standardized chains. The founders developed a concept that paired tea beverages with freshly made bakery products. This combination gave the business a broader consumption occasion than a drink-only shop and supported a café-oriented store environment. The early Nayuki proposition centered on fruit teas, tea beverages topped or blended with cheese foam, milk teas, and soft breads. Fresh fruit, visible preparation, attractive presentation, and pairing between beverages and baked goods were central to the brand's differentiation. The stores were generally designed as relatively spacious retail environments rather than simple counters, helping the brand appeal to customers seeking a place to sit as well as a takeaway drink. Nayuki expanded through China's major urban shopping districts and commercial centers. As the network grew, the company invested in centralized procurement, product development, supply-chain systems, store training, digital ordering, and membership operations. The business also introduced different store formats and used delivery and mobile ordering to extend sales beyond walk-in traffic. Its operating model had to coordinate beverages with short shelf-life fruit, dairy ingredients, and bakery products, making quality control and inventory management significant parts of the business. The company became one of the most prominent branded operators in China's new-style tea market. Its competitors included other national tea chains, regional beverage brands, coffee companies, and traditional beverage retailers. Nayuki's premium mass-market approach allowed it to charge more than many low-price tea vendors, but it also exposed the company to higher rental, labor, store-fitting, and ingredient costs. The economics of individual stores and the pace of expansion therefore became important issues as the network matured. Nayuki Holdings Limited listed on the Hong Kong Stock Exchange in 2021 under stock code 2150. The listing provided public information about the company's store network, operating model, expansion plans, risks, and financial performance. It also placed the brand under greater scrutiny concerning profitability, same-store performance, cash generation, and the sustainability of rapid growth in a crowded category. In the same year, media reporting about alleged hygiene issues at several stores led to regulatory inspections and public criticism. The reports were particularly sensitive because Nayuki's proposition relies on fresh fruit, bakery products, dairy-based toppings, and preparation in or near customer-facing environments. The company said it took corrective measures, including additional inspections, employee training, and improvements to food-safety procedures. The episode illustrated the operational risks faced by large food-service chains and the reputational consequences of uneven execution across a distributed store network. Nayuki has also sought growth outside mainland China, including operations in Hong Kong and Singapore. Overseas activity has remained smaller than the mainland business, but it has allowed the company to test whether its fruit-tea, cheese-tea, bakery, and café format can travel to other markets. The brand's continuing priorities are generally associated with product innovation, digital membership, store-format optimization, supply-chain discipline, food safety, and improving the productivity of its existing network. Nayuki remains an active Chinese tea-and-bakery brand, although its competitive environment includes numerous fast-growing tea chains and changing consumer preferences.

2024
Reported franchised footprint
[2]Naisnowen.wikipedia.org
The cited reference material reported 1,926 franchised locations as of September 2024.
2023
Franchising becomes an expansion channel
[2]Naisnowen.wikipedia.org
Naisnow entered or expanded franchising to accelerate growth and improve its competitive position against rapidly expanding domestic chains.
2022
Brand identity revised
[2]Naisnowen.wikipedia.org
The company changed its Chinese naming convention and adopted Naixue as an English form while emphasizing a more distinctly Chinese identity.
2022
Investment in Lelecha
[2]Naisnowen.wikipedia.org
Naisnow acquired a 43.64% stake in rival Lelecha for approximately US$75 million.
2021
Hong Kong IPO
[2]Naisnowen.wikipedia.org
Naixue became a Hong Kong-listed company on 30 June 2021 under stock code 2150 in an offering reported to have raised approximately US$656 million; shares opened 4.7% below the offer price on debut.
2021
Reported Beijing store hygiene violations
[2]Naisnowen.wikipedia.org
Media reports alleged hygiene problems at some Beijing stores; the company disputed the food-safety implications and announced self-inspections and strengthened food-safety controls.
2021
Food-safety scrutiny
[5]Reuters report on Nayuki food-safety responsereuters.com
Reports concerning hygiene practices at some outlets lead to regulatory attention and company-announced corrective measures.
2015
Nayuki is founded in Shenzhen
[4]Nayuki Holdings Limited prospectuswww1.hkexnews.hk
Peng Xin and Zhao Lin establish the tea-and-bakery business that becomes Nayuki.
2014
Company founded in Shenzhen
[2]Naisnowen.wikipedia.org
Peng Xin and Zhao Lin founded the business that became Naisnow, initially developing a premium tea-and-bakery concept.
2014
First physical store opens
[2]Naisnowen.wikipedia.org
The first store opened at Excellence Century Plaza in Shenzhen, with two more locations following soon afterward.

Products and positioning

A premium mass-market Chinese tea-and-bakery chain combining freshly prepared fruit and tea beverages with soft bread, café-style stores, digital ordering, and seasonal product innovation.

奈雪の茶
freshly made tea drink brand
台蓋
sub-brand
Tea drinks · 2014
Fresh tea beverages
The core range consists of freshly prepared tea-based drinks positioned above mass-market milk-tea offerings. Product quality, preparation, presentation, and the design of serving cups are central to the brand's premium proposition.
Tea drinks · 2014
Fruit teas
Fruit teas extend the menu beyond traditional milk tea by combining tea with fruit flavors and a more refreshing, contemporary profile. They support Naisnow’s positioning as a modern urban beverage brand. Fruit teas combine brewed tea with fresh or processed fruit ingredients, extending the menu beyond traditional milk tea with a more refreshing, contemporary profile. Recipes and fruit combinations vary by season and market, and they support Naisnow's positioning as a modern urban beverage brand.
Tea drinks · 2014
Milk teas
Milk tea products are part of the category that originally motivated the founders to create a more premium and socially oriented alternative to low-cost beverage stalls. They complement fruit teas and cheese teas and allow the chain to serve customers seeking a fuller, sweeter, or more familiar tea-drink profile.
Baked goods · 2014
Bakery products
Freshly made breads and pastries complement the drink menu and help distinguish Naisnow from beverage-only competitors. The bakery component also supports longer visits and the brand’s café-like social setting. Freshly made breads and pastries complement the drink menu and help distinguish Naisnow from beverage-only competitors. The bakery component also supports longer visits and the brand's café-like social setting, helping the brand compete as a café-style food-and-drink destination rather than only as a takeaway beverage counter.
Tea beverage
Fruit tea
Nayuki's fruit teas combine brewed tea with fresh or processed fruit ingredients. They are a core expression of the brand's emphasis on freshness, visual presentation, and lighter alternatives to conventional milk tea. Recipes and fruit combinations vary by season and market.
Tea beverage
Cheese tea
Cheese tea refers to tea drinks finished with a creamy cheese-based foam or topping. The format became closely associated with modern Chinese tea chains and is one of Nayuki's recognizable beverage categories, offering a richer contrast to its fruit teas.
Tea beverage
Milk tea
Nayuki sells milk-tea and related tea-and-dairy beverages as part of its broader menu. These products complement fruit teas and cheese teas and allow the chain to serve customers seeking a fuller, sweeter, or more familiar tea-drink profile.
Bakery
Nayuki bakery
Soft breads and other bakery items are a defining part of Nayuki's store concept. The bakery range is designed to be purchased alongside tea beverages, helping the brand compete as a café-style food-and-drink destination rather than only as a takeaway beverage counter.

Controversies

2021
Reported food-safety and hygiene violations at Beijing stores
Xinhua reported that some Naisnow stores in Beijing allegedly had cockroaches and rotten fruit. Naisnow said mainland authorities found no food-safety problems and pledged to inspect all of its stores. The reports prompted regulatory inspections and public criticism, and the company said it investigated the matter and would strengthen food-safety controls, inspections, and employee training.
Source
2021
Reported store hygiene violations
A media investigation reported alleged hygiene and food-handling problems at several Nayuki outlets. The reports prompted regulatory inspections and public criticism. Nayuki said it investigated the matter and would strengthen food-safety controls, inspections, and employee training.
Source
2021
Nayuki responds to penalty over store violations
Nayuki said it accepted the penalty and apologized after two of its stores were fined and publicly criticized for violations during food preparation and production.
Source

2023
Expansion into franchisingStrategy
Background
Store growth had slowed while domestic competitors were expanding quickly, and the company faced the need to extend its network more efficiently.
Action taken
Naisnow introduced or expanded franchising as an additional store-development model.
Aftermath
By September 2024, the cited material reported 1,926 franchised locations. The available sources do not quantify the model’s profitability or its effect on operating control.
Source
2022
China-focused brand repositioningStrategy
Background
The company sought to reduce perceived Japanese associations in its Chinese branding and strengthen a distinctly Chinese cultural positioning.
Action taken
It replaced the Japanese possessive particle in the Chinese brand name with a Chinese character of equivalent meaning and shifted its English branding toward Naixue.
Aftermath
The change repositioned the brand around a China-chic identity, although the reference material does not provide a quantified effect on sales or brand perception.
Source
2022
Minority investment in LelechaM&A
Background
Naisnow sought greater strategic exposure to the competitive Chinese tea-chain market.
Action taken
The company acquired a 43.64% stake in rival Lelecha for approximately US$75 million.
Aftermath
The investment gave Naisnow a substantial minority position in a competing tea business; the available material does not describe subsequent integration or financial results.
Acquisition consideration. Approximately US$75 million paid for a 43.64% stake (December 2022)
Source
2021
Public listing in Hong KongOther
Background
Nayuki had expanded as a branded tea-and-bakery chain and sought access to public-market capital and a formal platform for continued growth.
Action taken
Nayuki Holdings Limited listed its shares on the Hong Kong Stock Exchange under stock code 2150.
Aftermath
The listing increased public disclosure and investor scrutiny of store expansion, profitability, operating risks, and food-safety systems.
Source
2021
Strengthening food-safety controlsStrategy
Background
Reported hygiene problems at some outlets created regulatory and reputational pressure for a chain handling fresh fruit, bakery products, and dairy-based ingredients.
Action taken
The company announced additional inspections, employee training, and improvements to food-safety management.
Aftermath
Food safety became a more visible operational priority and an important consideration in assessing the consistency of Nayuki's distributed store network.
Source

Recent events

2022-01-17
Nayuki launches limited-time lower-priced range[8]奈雪的茶推出限时“轻松购”系列finance.sina.com.cn
Reported: 2022-01-18
Nayuki launched its limited-time “轻松购” range on January 17, offering drinks and coffee priced from 9 to 21 yuan, including some products priced at 9 yuan. The company said the range would run for one month.
2022-01-17
Nayuki offers a one-month promotion[9]奈雪的茶推出为期一个月的优惠finance.sina.com.cn
Reported: 2022-01-26
Nayuki began a limited one-month promotion on January 17, with selected drinks priced as low as 9 yuan and other listed drinks priced between 15 and 21 yuan.
2021-08-24
Nayuki responds to penalty over store violations[7]Nayuki responds to penalty over store violationschinaz.com
Nayuki said it accepted the penalty and apologized after two of its stores were fined and publicly criticized for violations during food preparation and production.
Unconfirmed
Daily Fresh and Nayuki launch mini milk teas[10]每日鲜语与奈雪的茶推出迷你奶茶news.cnfol.com
Daily Fresh and Nayuki jointly launched mini fresh peach oolong milk tea and fresh black tea milk tea products.
2021-06-18
Daily Fresh and Nayuki announce a planned mini milk tea store in Shanghai[10]每日鲜语与奈雪的茶推出迷你奶茶news.cnfol.com
Daily Fresh and Nayuki announced that they plan to create a mini milk tea store in Shanghai in July; the source describes this as a future plan.
2021-05-09
People's Daily Venture Capital and Nayuki sign strategic cooperation agreement[11]人民网创投与奈雪的茶签署战略合作协议finance.people.com.cn
Reported: 2021-05-09
People's Daily Venture Capital and Nayuki signed a strategic cooperation agreement in Shenzhen to collaborate on brand cooperation, forums, industry research, and other areas related to new consumer formats.
2021-02-11
Nayuki files for Hong Kong IPO[12]奈雪的茶递交香港上市申请finance.sina.com.cn
Reported: 2021-02-12
Nayuki formally submitted an application to list on the main board of the Hong Kong Stock Exchange, starting its Hong Kong listing process.
Unconfirmed
Nayuki wins 2020 Best New Consumer Brand award[13]奈雪的茶荣获2020最佳新消费品牌奖hy.stock.cnfol.com
Nayuki won the 2020 Best New Consumer Brand award at the China Golden Fingertip Awards.
2020-02-04
Nayuki announces waived delivery fees[14]奈雪的茶宣布外卖免配送费finance.sina.com.cn
Reported: 2020-02-04
Nayuki announced that it would waive delivery fees for takeout orders from February 4 through February 29, 2020.
2020-02-04
Nayuki launches contactless delivery[14]奈雪的茶宣布外卖免配送费finance.sina.com.cn
Reported: 2020-02-04
Nayuki launched contactless delivery, allowing customers to select the option when ordering online and arrange a handoff location with the courier to maintain distance.

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