Swire Group recently sold its entire stake in the mainland bakery chain brand "Xin Qinyuan" to Yeung Brothers Investment Limited. This marks another change of ownership for this established bakery brand, acquired by Swire around a decade ago, and signals Swire's temporary departure from the mainland bakery chain market. The transaction amount was not disclosed, and the new owner has pledged additional investment and will fully take over operations.

Xin Qinyuan boasts over 30 years of history and was once a leading bakery enterprise in southwestern China, with approximately 400 stores. Swire fully acquired the brand between 2014 and 2016 for nearly HKD 1.4 billion, hoping to position it among the top three bakery chains nationwide with a target of 1,000 stores by 2020. However, as competition in the bakery industry intensified, Xin Qinyuan began facing operational challenges from 2018 onward. Its store count decreased from a peak of 651 to the current approximately 400, and the brand has reported losses in most years.

The current Chinese bakery market is fiercely competitive, with the rise of internet-famous brands like Holiland and cross-sector players such as convenience stores and coffee shops also capturing market share. Although the market size is projected to reach RMB 149 billion by 2025, traditional brands are under immense pressure. After this change of ownership, whether Xin Qinyuan can stage a "comeback" with the support of the new owner's resources has become a focal point of industry attention.

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