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Double Happiness was launched in Hong Kong in 1906 by Nanyang Brothers Tobacco Company, and has been one of the most influential cigarette brands in China. In its early days it was known as Happydays in English, but its Chinese name, which means literally "Red Double Happiness", has never changed. After the Chinese Communist Party won the Chinese Civil War and established the People's Republic of China, Nanyang Brothers was nationalized in two stages: first partly in 1951 and then completely in 1959. The "Double Happiness" brand is now owned in mainland China by the state-owned Shanghai Tobacco Corporation.

Outside China, the brand is owned in different countries and territories by Nanyang Brother Tobacco Company, Sumatra Tobacco Trading Company and CTBAT International Ltd. CTBAT is a joint venture between China Tobacco and BAT Plc formed in 2013 that is the owner of the former BAT brand State Express 555 worldwide and of Double Happiness in a number of jurisdictions outside the Mainland of China.

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