Chinese bubble tea chains scaled up quickly by using low-cost franchising. But as IPO buzz fades, long-term value hinges on supply chain control, pricing power and brand resilience.

Chinese bubble tea chains scaled up quickly by using low-cost franchising. But as IPO buzz fades, long-term value hinges on supply chain control, pricing power and brand…

Market saturation at home, rising costs and intense price wars are testing the resilience of the country's bubble tea brands.