Longrun to acquire tea firms, open more stores

Tea manufacturer Longrun Tea Group Co Ltd is expanding its footprint by setting up more stores and through a series of mergers and acquisitions.

The Hong Kong-listed company, with a market capitalization of around HK$1.3 billion, said it would increase the number of franchise and chain stores under its fold to over 200 from 120 by next March.

Longrun also said it plans to acquire companies in tea producing provinces like Fujian, Zhejiang, Hunan and Yunnan.