Once valued at 1 billion yuan, the single store now has a debt of 16.46 million yuan. Seesaw, can I continue this cup of premium coffee?
This article is original and first published by Red Food Network, written by Qiu Qiu; Editor: Wang Xiuqing.
From a single store valuation of over 100 million to a debt of 16.46 million, this brand, once known as the "Huangpu Military Academy" of Chinese boutique coffee, took less than four years.
Recently, the boutique coffee brand Seesaw has been exposed that its operating entity, Shanghai Xishe Coffee Co., Ltd., has added multiple bankruptcy review cases, all citing "inability to repay due debts and obvious lack of solvency". Earlier this year, Seesaw founder Wu Xiaomei was repeatedly subjected to measures to restrict high consumption.
Seesaw was founded in 2012 and was once one of the pioneering brands of local specialty coffee in China. The shining moment that was highly sought after by capital is still in front of us. Now that we have entered bankruptcy proceedings, what has happened to the once boutique coffee "White Moonlight"?
16.46 million debt, 31 stores: Seesaw's' endgame '
Public information shows that the total amount of debt involved in the lawsuit against Shanghai Xishe Coffee Co., Ltd. is 16.463 million yuan, and the main cause of the case is a dispute over a sales contract. The company has been executed for a total amount exceeding 14 million yuan, involving 118 judicial cases; There are also multiple pieces of executed person information, as well as historical dishonest executed person information, and the amount involved in the case is also as high as tens of millions of yuan.
The store data more intuitively reflects the shrinking trend of Seesaw. According to data from Dianping, as of June 8, 2026, Seesaw had 31 operating stores nationwide, with only 15 remaining in Jiangsu, Zhejiang, and Shanghai. This number has decreased by more than 100 stores since its peak of 135 stores in March 2023. The latest developments of the brand's official Little Red Book and WeChat official account will basically stay in November 2025.
△ Image source: screenshot from Xiaohongshu
This is not the first time Seesaw has appeared in the public eye in a poignant manner.
In the second half of 2023, Seesaw began to experience large-scale store closures and adjustments, with media reports stating that nearly one-third of its stores were closed. In November 2024, the company and its founder were first exposed for restricting high consumption information. In 2025, multiple suppliers publicly pursued outstanding payments, with some claiming that Seesaw was in arrears for 7 to 9 months. Another employee reported that Seesaw has already delayed their salary for two and a half months, and their direct operated store is forced to close due to insufficient financial support, inability to pay property rental fees, water and electricity bills, and equipment damage that cannot be repaired.
After the news of bankruptcy liquidation was released, many consumers expressed their regret on social media. The first thing I did when I came to Shanghai was even to buy Seesaw… now it's really a pity. ”Some netizens wrote like this. Some people also said, "Go have another drink before the store closes
Behind these messages is the emotional imprint left by Seesaw as a generation of consumers who were the "enlighteners" of premium coffee.
From "Huangpu Military Academy" to bankruptcy liquidation, who pushed Seesaw into the abyss?
In 2012, Seesaw's first store opened on Yuyuan Road in Shanghai. At that time, the domestic premium coffee market in China was almost blank, and the leader Zong Xinkuang integrated his personal aesthetic interests into the brand, creating the first generation model of Chinese premium coffee – emphasizing a single origin, hand brewing skills, creative space, and barista culture. In terms of talent cultivation, Seesaw has established the "DreamWorks Coffee Academy" in the backyard of the first store on Yuyuan Road, establishing a complete barista training system and continuously delivering a large number of talents to the industry, thus earning the reputation of "Huangpu Military Academy of Chinese Premium Coffee".
Under these highlights, Seesaw has gained the favor of a group of investment institutions and secured multiple rounds of financing. After five years of establishment, Seesaw received a financing of 45 million yuan, becoming the first brand in the domestic specialty coffee industry to receive financing. In July 2021, Seesaw completed an A+round of over 100 million yuan financing; In February 2022, Seesaw received another A++round of financing worth hundreds of millions of yuan, with a valuation of up to 1 billion yuan at one point. Founder Wu Xiaomei once publicly announced the goal of "reaching 200 stores by the end of 2022 and expanding to 500-1000 stores in the next 5 years".
△ Image source: Seesaw official Xiaohongshu account
How could such a boutique coffee brand, which once held a high position on the altar, reach bankruptcy and liquidation in just a few years?
The rapid maturation of capital led to the loss of control of the store. Seesaw started with the "small and beautiful" route in its early days, and the number of stores remained in single digits for a long time. Driven by capital, more than 60 new stores will be opened in 2022. However, the refined operational capabilities have not been synchronized and followed up. According to public reports, the daily average cup volume of some newly opened stores is lower than the profit and loss line of 300 cups commonly referred to in the coffee industry. At the same time, Seesaw's later insistence on the "big store+third space" model resulted in high fixed costs per store. After 2023, there will be no new capital injection, and a large amount of initial financing will be used to subsidize loss making stores, putting pressure on the funding chain.
Under the price war, brands are in a dilemma. In 2023, Luckin Coffee and Kudi launched a 9.9 yuan price war, completely changing consumers' perception of coffee prices. A cup of Seesaw in American style is priced at 28 yuan, while Luckin's promotional price is only 9.9 yuan. The triple price difference makes the premium of the boutique lose its persuasiveness. Seesaw, which is positioned above 30 yuan, is forced to participate in group buying promotions and even launch low-priced drinks in an attempt to attract young traffic. However, old customers feel that it is not pure, and new customers dislike it as "expensive" and "not worth the price".
It's too late to open up franchising, and the standards have been lost. In 2024, Seesaw hastily opened its franchise due to tight funding chain and a large number of store closures. However, due to the lack of standardized management system, quality control has further declined and brand reputation continues to be damaged. The progress of franchise is also relatively slow, with only about 20 franchise stores by the end of 2024.
On social media platforms, users claiming to be Seesaw franchisees have expressed that in order to further alleviate the tight funding chain, the headquarters requires franchisees to continue to lower costs. "A latte with a cost of 3 yuan is already low enough, and we have to replace imported milk with mixed brand milk. Customers say it's not tasty
The bundling and ripening of capital have planted hidden dangers, and Seesaw has been squeezed into survival space in the price war. Under multiple pressures, Seesaw has been pushed step by step into the abyss.
Consumers have changed, and boutique coffee is facing difficulties collectively
Seesaw's fall is not an isolated case. From the perspective of the entire coffee industry, many premium coffees are facing cost and price dilemmas.
In 2025, Piye Coffee, known as the "ancestor of Starbucks", will close its first store in southern China due to the expiration of its lease, attracting industry attention; Shortly thereafter, it also closed its store located in Tianhe City, Guangzhou. % Arabica, which focuses on high-end minimalist style, has also stopped operating some stores since 2025, including Wuxi Henglong Plaza store, Shanghai Fengshengli store, and Xiamen Wanda Plaza first store. Top brands Luckin Coffee and Kudi are seizing the market through price wars, while boutique coffee brands are gradually shrinking due to high costs and awkward positioning.
△ Image source: screenshot from Xiaohongshu
Specialty coffee brands generally face a common dilemma of not being able to compress costs to the extreme like affordable brands, and not being able to provide truly irreplaceable experiences. They are trapped in an awkward zone of 30 to 50 yuan – prices significantly higher than affordable coffee, which to some extent affects customers' consumption frequency.
At the same time, consumer spending habits are diverging. In the past, coffee, as an imported product, had a strong premium attribute, with coffee priced around 30 yuan per cup being the mainstream. But now, there is a differentiation between affordable coffee and premium coffee. Apart from social scenes, consumers are more willing to choose "9.9 yuan" coffee as a "refreshing food".
At present, Seesaw's bankruptcy liquidation procedure has been initiated, and the fate of more than 30 stores and the repayment ratio of 16.46 million yuan of debt will be gradually revealed after the creditor's rights declaration. The high premium model that once relied on high-quality storytelling is undergoing a collective reshuffle.
The current settlement does not represent the ending of the story, but simply puts past issues on the table at once. Seesaw, which once gained popularity through aesthetics, tonality, and high-quality texture, has not disappeared out of thin air with its accumulated user favorability, store reputation, and market awareness.
The story of Seesaw is not over yet, and the market does not want this celebrity brand to end in regret, but the window left for it to solve problems is shrinking.
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