Yes, potentially. Like real estate or tech in past cycles, the bubble tea market is showing signs of saturation: • Margins are thinning. • Quality control is uneven. • Smaller chains are closing. • Overdependence on promotions to keep customers loyal. It mirrors parts of the broader Chinese economy: high competition, fast growth, but also volatility and consolidation risk.
Can hold?Short to medium-term rallies are possible—especially if stimulus continues and global liquidity remains favorable. But a sustained bull market will require more fundamental shifts: structural reforms, stronger consumer confidence, and real estate stabilization.
