China's New-Style Tea Pioneer Hey Tea May Deep in Trouble as Major Layoff Rumor Spreads

and completed its latest round of US$500 million in last July, backed by Tencent, Sequoia China, Hillhouse Capital, Singapore’s state investor Temasek and other investors. Its post-money valuation was reported to reach RMB60 billion, setting a new record for China’s tea drinking unicorns, and the last funding that lasted several months was so attractive that a number of well-known venture capitalists were said to he interest in investments. In the mean time, it maintained a buying spree, investing in many beverage brands in China during the second half of last year, such as boutique coffee Seesaw, mixed drink WAT, peach milk tea brand Heqitaotao.

“With the help of investment capital, Hey Tea was so fast to turn into a leader in new-style tea beverage sector, and it has to create its own business logic since it needs the capital’s support from everywhere, either operation of retail stores or marketing, ”Jiang Han, a senior fellow of China-based public policy think tank Pangoal Institution, noted, ”from a broader view of the whole sector, Hey Tea has relatively high pressure for innovation, so it seeks investments (in other brands) to increase competitiveness and consolidate market share position.”

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