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Cup of Coffee Costs $120 Million for Firm Facing China Backlash

Cup of Coffee Costs $120 Million for Firm Facing China Backlash

Cup of Coffee Costs $120 Million for Firm Facing China BacklashGourmet Master Co. stock plunged as the cafe operator got caught in crossfire with China over Taiwan President Tsai Ing-wen’s visit to an outlet in the U.S. for a cup of coffee. The shares slumped 7.5 percent in Taipei trading Thursday, wiping $120 million from its market value, after a newspaper in China published calls to boycott the chain for hosting the Taiwanese leader at a store in Los Angeles. The Communist Party-run Global Times yesterday reported the incident earlier this week had angered Chinese consumers as it demonstrated Gourmet Master’s support for Tsai.

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