Ann: 1H22 Results Commentary, page-91

Yeah, it's good to see. Hopefully they are making some in-roads into those lower tier (B-C-D) ranked cities as well. I do note that they mentioned they have grown market share in those underrepresented regions, and that the market there has not been negatively impacted by birth rate declines more generally. So it is definitely sensible if they are targeting some marketing spend that way to go along with increasing store distribution.

I also wonder if they have any plans to resume a market in HK when it eventually reopens? It would be interesting to know if there is still a viable market there after the changes over the past few years. It was obviously not viable based on domestic HK demand alone and so I guess if Chinese cross-border travel resumes, they might consider it.