(File Photo)
Qingfeng Steamed Dumpling Shop, which became popular fast after Chinese president Xi Jinping visited one of its restaurants in 2013, is looking to list on the New Third Board, the pilot trading platform for small and medium-sized enterprises in China, Gao Wenhui, the company's general manager told Beijing Business Today in an interview recently.
We plan to do a backdoor listing by injecting our assets into a joint enterprise owned by our parent company Huatian, and rebrand the name after the shell corporation gets listed, according to Gao. Back door listings are often promoted as the 'cheaper, easier and faster way' to list.
"By 2020, Qingfeng Steamed Dumpling Shop will build five logistics bases outside Beijing and expand its chain to 1,000 stores, of which 80 percent will be franchised outlets,” Gao added. This is the first time that the company has disclosed its development strategy in the upcoming five years.
At present, the company has more than 300 stores, including 262 in Beijing. But in the future, most of them will be outside Beijing.
After Chinese president Xi Jinping paid a surprise visit to one restaurant of the shop in Beijing on December 28, 2013, the brand went popular very quickly and many businesses flocked to apply to become a franchisee of the company.
(Photo from qing-feng.com)
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