Brief (coffeeyo.com): On September 10, Abu Dhabi sovereign fund Mubadala agreed to a US$1 billion strategic minority investment in Luckin Coffee — among the largest single Middle Eastern sovereign-fund bets on China’s new-consumption sector. Separately, Qichacha data show more than 260,000 coffee-related enterprises now operate in China, over 60% in accommodation and catering.
According to Securities Times, on September 10, Abu Dhabi sovereign wealth fund Mubadala Investment Company announced it had reached a strategic investment agreement with Luckin Coffee and would make a US$1 billion strategic minority investment in the company. The transaction was carried out jointly by Mubadala together with Centurium Capital, Luckin’s controlling shareholder, and is one of the largest single investments by a Middle Eastern sovereign fund in China’s new-consumption sector in recent years, signaling international capital’s recognition of the potential of China’s consumer market.
Qichacha data show that as of September 10, more than 260,000 coffee-related enterprises exist in China, mainly distributed in East China and Southwest China, accounting for 29.97% and 23.60% respectively. By national industry classification, over 60% of coffee-related enterprises are concentrated in accommodation and catering, at 64.63%. In terms of registrations, coffee-related enterprise registrations rose 65.99% year-on-year to 60,600 in 2023, reaching both the peak registration volume and growth rate since 2016. In 2025, registrations rose 20.17% year-on-year to 56,700; as of now, 34,500 such enterprises have been registered this year.
1. Registrations Overall Trended Upward with Fluctuations Since 2016
Qichacha data show that in terms of registrations, annual registrations of coffee-related enterprises have shown an overall fluctuating upward trend since 2016. In 2016, 26,500 coffee-related enterprises were registered, then grew steadily to 27,700 in 2019; in 2023 registrations rose 65.99% year-on-year to 60,600, reaching both the peak registration volume and growth rate since 2016. In 2024 registrations fell back to 47,200, down 22.17% year-on-year; in 2025 they rose again, up 20.17% year-on-year to 56,700. As of now, 34,500 such enterprises have been registered this year.
2. Mainly Distributed in East China and Southwest China
Qichacha data show that as of September 10, more than 260,000 coffee-related enterprises exist in China, mainly distributed in East China and Southwest China, accounting for 29.97% and 23.60% respectively. Next are enterprises in South China and Central China, each accounting for between 9% and 20%. By comparison, North China, Northwest China, and Northeast China have the lowest shares, all below 7%, with Northeast China the lowest at 5.08%.
3. Over 60% of Related Enterprises Concentrated in Accommodation and Catering
Qichacha data show that by national industry classification, existing coffee-related enterprises in China are mainly concentrated in accommodation and catering, at 64.63%. Next are enterprises in agriculture, forestry, animal husbandry and fisheries and in wholesale and retail, at 13.23% and 12.67% respectively. All other industries account for less than 5%, with leasing and business services at 2.97% and manufacturing at 2.41%.
Source: Securities Times / Qichacha data.
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