The Wangfujing branch of Goubuli on August 12, 2013. Photo: CFP

Tianjin-based Goubuli, an eatery chain famous for its steamed stuffed buns, announced Saturday it will be slashing its prices in hopes of reaching a bigger market, according to the Xinhua News Agency.

Goubuli, also known as Go Believe, has long positioned itself as a high-end Chinese food brand, but this has probably prevented it from gaining many potential customers as well.

With the announcement, the eatery is eyeing a makeover, Xinhua reported Saturday.

The prices of steamed stuffed buns sold in Goubuli's more than 20 stores in Tianjin will be halved to 48 yuan ($7.93) per half a kilo.

In addition, Goubuli plans to open 100 convenience stores in Tianjin by the end of 2015, according to the announcement.

It did not disclose whether more cities will be covered in the move.

The price cut came shortly after Goubuli's revelation of its plan to buy a famous American coffee chain. Without revealing the name of the coffee chain, Goubuli said on January 8 that the deal is expected to take place in the first half of the year.

The negotiation has entered into the final stage, according to Zhang Yansen, board chairman of Goubuli, who said the sales network of the coffee chain involve hundreds of outlets across more than 40 countries and regions.

Qingfeng Steamed Stuffed Bun Shop, another famous stuffed bun store chain in Beijing, has seen a rise in business after Chinese President Xi Jinping dropped in to one of its branches in late December. The shop began selling a special 21-yuan meal based on what Xi had ordered.