Has never really been a company I looked at too in depth because of the accounting scandal plus just the heightened competition of coffee chains in China. We've seen Starbucks struggled extensively in China because of the competition.
You’ve got geopolitical risk owning an ADR for a Chinese company, accounting scandals which SHOULD be resolved but are still a stain on the company's reputation, and competition in China’s coffee market.
Company has done well as of late and is definitely growing revenue and free cash flow, but I tend to avoid owning Chinese equities directly. One I am happy to watch on the sidelines.