The controversy started when Eddie Huang of New York's Baohaus claimed that the food truck stole the name of his "#1 item on his menu and set up shops with it." But the Bao truck people responded by saying "it's a common play on the word."
They opened there truck today and said "No baocott happin here, just yummy buns." One of the SF eater staff member, Carolyn Alburger believe that the rant from Huang has backfired.
Although people might not be hearing the phrase "Chairman Bao" everyday, I do think it is very common to change "Mao" to "bao" since their selling baos. I think the name is very clever and witty. As long as Mr. Huang didn't put a patten on the name, anyone should be able to use it.
I've tried the buns from the Chairman Bao food truck and their really good. Especially the pork belly steam and bake buns. Even though it is really good, it is pretty pricey compared to regular pork buns sold in Chinatown. The prices runs from $3.00- $5.50 per bun and in Chinese store they run around $0.75-$1.00 each.
You can find the Chairman Bao Truck at the Fort Mason every Friday night. Try to show up early because the lines will be long and this truck is one of the most popular at the Off the Grid event.
For more info: Chairman Bao controversy

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