Xiangpiaopiao Food (SHA:603711) opened its first fresh tea drinks store, according to a Yicai Global report on Dec. 20.

The instant milk tea company opened the store in Hangzhou, China, where it offers nine fresh milk tea beverages worth between 9 yuan and 12 yuan, the report said.

Xiangpiaopiao is aiming to improve its products as it garners feedback and engages with its consumers through the store, staff told Yicai.

The company's shares dropped 5% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)