Yuanji Food passes Hong Kong Stock Exchange hearing, nears IPO as China's largest dumpling chain
Yuanji Food Group, operator of China's largest dumpling and wonton chain, has passed the Hong Kong Stock Exchange listing hearing, moving closer to an IPO. Founded in 2012 by Yuan Lianghong, the company has grown to over 4,700 stores, mostly franchised. Revenue reached 27.95 billion yuan in 2025, with net profit of 1.99 billion yuan. The IPO comes amid a cold spell for consumer listings in Hong Kong.
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Yuanji Food Passes Hong Kong Stock Exchange Hearing, China's Largest Dumpling IPO Approaches
Yuanji Food Group Co., Ltd., operator of the Yuanji Dumpling chain, has passed the listing hearing of the Hong Kong Stock Exchange, moving one step closer to an IPO. Founded in 2012 by 90s-born Hunan native Yuan Lianghong, the company has grown to over 4,700 stores across China, making it the country's largest dumpling and wonton enterprise by gross merchandise value in 2025. The company generates over 95% of its revenue from selling fillings, wrappers, and seasonings to franchisees. Financial data shows revenue grew from 20.26 billion yuan in 2023 to 27.95 billion yuan in 2025, though average daily store GMV declined from 5,394.4 yuan to 4,687.6 yuan over the same period. The IPO comes amid a cold spell for consumer IPOs in Hong Kong, with few food and beverage companies successfully listing. The article notes that Yuanji faces risks including franchise management challenges and quality control issues, citing a 2024 incident where a consumer found an earthworm in a wonton noodle. The company completed B+ round financing of 2.8 billion yuan, with strategic investors including Yihai Kerry and C&D Emerging Investment, reaching a valuation of 3.5 billion yuan.
Read sourceChina's largest dumpling chain Yuanji Food nears Hong Kong IPO after rapid expansion
Yuanji Food Group, operator of China's largest dumpling and wonton chain by store count and GMV, has passed a Hong Kong Stock Exchange hearing, moving closer to an IPO. Founded in 2012 by 90s-born entrepreneur Yuan Lianghong, the brand started as a 5-square-meter stall in a Guangzhou market and now operates over 4,700 stores, mostly franchised. The company reported revenues of 27.95 billion yuan in 2025, with net profit of 1.99 billion yuan. Its business model relies on selling fillings and wrappers to franchisees rather than direct customer sales. The IPO comes amid a cold spell for consumer listings in Hong Kong, with few food and beverage IPOs succeeding recently. Yuanji faces challenges including declining per-store daily GMV, rising inventory, and quality control issues after a customer found a worm in a wonton. The company is valued at 35 billion yuan after its latest funding round.
Read sourceChina's largest dumpling chain Yuanji Food passes Hong Kong listing hearing, eyes IPO
Yuanji Food Group, operator of China's largest dumpling and wonton chain by GMV, has passed a Hong Kong Stock Exchange listing hearing, moving closer to an IPO. Founded in 2012 by 90s-born entrepreneur Yuan Lianghong in a Guangzhou market stall, the brand has grown to over 4,700 stores, mostly franchised. The company reported revenues of 27.95 billion yuan in 2025, with over 95% from supply chain sales to franchisees. Net profit rose 175% year-on-year in the first five months of 2026 to 1.57 billion yuan. However, single-store daily GMV has declined from 5,394 yuan in 2023 to 4,627 yuan in early 2026. The IPO comes amid a cold spell for consumer listings in Hong Kong, with few food and beverage IPOs succeeding recently. Yuanji's valuation reached 3.5 billion yuan after its B+ round. The article notes risks including franchise management, food safety incidents, and declining per-store metrics.
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Yuanji Food Passes Hong Kong Listing Hearing, China's Largest Dumpling IPO Approaches
Yuanji Food Group, the operator of the Yuanji Dumpling chain, has passed the Hong Kong Stock Exchange listing hearing, moving closer to an IPO that would make it China's largest dumpling and wonton company by market value. Founded in 2012 by 90s-born Hunan native Yuan Lianghong, the company started as a small stall in a Guangzhou market and has grown to over 4,700 stores, mostly franchised. The company's revenue reached 27.95 billion yuan in 2025, with net profit of 1.99 billion yuan. However, the article notes challenges including declining average daily store revenue, rising inventory, and food safety incidents. The IPO comes during a cold period for consumer IPOs in Hong Kong, with few food and beverage companies successfully listing recently. The article attributes this to market focus on tech and AI companies, and notes that some previously listed consumer stocks have seen significant price declines.
Read sourceYuanji Food Passes Hong Kong Listing Hearing, China's Largest Dumpling IPO Approaches
Yuanji Food Group, operator of the Yuanji Dumpling chain, has passed the Hong Kong Stock Exchange listing hearing, moving closer to an IPO that would make it China's largest dumpling and wonton company by market value. Founded in 2012 by 90s-born entrepreneur Yuan Lianghong, the company started as a small stall in a Guangzhou market and has expanded to over 4,700 stores, mostly franchised. The article reports that Yuanji's revenue grew from 2.026 billion yuan in 2023 to 2.795 billion yuan in 2025, with net profit reaching 199 million yuan in 2025. The company relies heavily on supply chain sales to franchisees, generating over 95% of revenue from goods sales. However, the article notes declining average daily GMV per store, from 5,394.4 yuan in 2023 to 4,627.3 yuan in early 2026, and rising inventory levels. The IPO comes amid a cold market for consumer listings in Hong Kong, with few food and beverage companies successfully listing recently. The article attributes this to investor preference for tech and AI stocks, and notes that previous consumer IPO candidates like Qiannima and Banu have seen their filings lapse.
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