Doggy Bag Cafe Deal: Dog’s Coffee Acquisition Deadline Nears

When news broke earlier this year that Dog Group—best known for its iconic steamed buns—was in talks to buy a major American coffee chain, industry watchers waited for details. But as weeks turned into months with no update, many assumed the deal had stalled. Now, the company’s chairman has confirmed the process is still very much alive.

The acquisition is expected to be officially announced by the end of next month. Zhang Yansen, chairman of Dog Group, revealed this timeline during a recent seminar hosted by China’s food and drug regulator, explaining that the delay is due to the complexity of completing an overseas merger and acquisition.

What’s Behind the Delay in the Dog Coffee Deal?

Zhang Yansen did not go into specifics about which U.S. coffee chain is involved, but he made it clear that the hold-up is procedural. Overseas acquisitions involve navigating multiple regulatory frameworks, due diligence, and cross-border legal processes—all of which take considerable time. Despite the wait, the deal is still active and progressing, with an announcement anticipated by the end of next month.

How Big Is Dog—and Can It Really Pull Off This Deal?

Dog Group, famous in China for its traditional baozi (steamed buns), reported around 1 billion RMB in annual sales from its catering business last year. While the exact financial details of the acquisition remain undisclosed, industry insiders suggest this could be another case of a smaller domestic player acquiring a much larger foreign brand—a so-called "" (snake swallowing an elephant) move. Dog had previously attempted to go public via an IPO in 2012, and although it is still officially in the queue, its current revenue scale indicates it may be leveraging its market position to expand internationally through acquisition.

Why Is This Deal Significant for Chinese F&B?

If completed, this acquisition would mark the first time a major Chinese restaurant or food brand has successfully gone abroad through an overseas merger or acquisition. Previous high-profile cases like (Dàniáng Shuǐjiǎo) and (Qiao Jiang Nan) saw Chinese brands acquired by foreign investors—not the other way around. A successful Dog coffee deal would signal a shift: Chinese F&B companies actively acquiring established Western brands, rather than the reverse.

Frequently Asked Questions

Which U.S. coffee chain is Dog trying to acquire?

The article does not specify which U.S. coffee chain is involved in the acquisition. Dog Group’s chairman, Zhang Yansen, only confirmed that the company is in talks to buy a U.S. coffee chain, without naming the target.

When will the Dog coffee acquisition be officially announced?

The official announcement of the Dog coffee acquisition is expected by the end of next month, according to Zhang Yansen, chairman of Dog Group, who shared this timeline at a recent seminar.

Why has the announcement been delayed?

The delay is due to the complexity of overseas merger and acquisition procedures. Zhang Yansen explained that navigating international regulatory, legal, and due diligence processes takes significant time, which has slowed down the announcement.

How big is Dog Group?

Dog Group reported approximately 1 billion RMB in catering sales last year. While the group is best known for its steamed bun business, its revenue scale suggests it could be undertaking a “” (snake swallowing an elephant) acquisition relative to the target.

Did Dog previously attempt to go public?

Yes, Dog Group attempted an IPO (initial public offering) in 2012 and is still officially in the queue to go public. Its ongoing listing process may play a role in its financial strategy for expansion, including potential acquisitions.

Why is this acquisition important for Chinese F&B?

If completed, it would be the first instance of a major Chinese restaurant or food brand acquiring a foreign brand through overseas M&A, rather than being acquired by foreign investors, marking a new direction for Chinese F&B global expansion.

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