Shanghai Internet cafe retailer plans more outlets overseas
Shanghai-based Wangyu Netcafe, which operates an Internet cafe business with more than 10 million registered members, plans to open more outlets overseas.
Wangyu has opened 544 outlets globally, including in the US, Canada, Britain, Australia and Singapore, after it obtained 210 million yuan (US$31.8 million) investment in the latest round of financing earlier this year.
Overseas expansion and diversification into gaming device business will become new growth engines for the lWangyu.
In 2016, China’s Internet cafe market revenue jumped 15.3 percent to 74 billion yuan, according to the Internet Access Service Association of China.