On July 30, 2026, Yuen Kee Food Group Co., Ltd. (hereinafter referred to as "Yuen Kee Food" or "Yuen Kee Dumplings"), headquartered in Shunde District, Foshan, Guangdong Province, filed a prospectus with the Hong Kong Stock Exchange, seeking a listing on the Hong Kong Main Board. This marks its second application following the lapse of its initial filing submitted on January 12, 2026.
Yuen Kee Food has obtained the Notice of Filing for Overseas Issuance and Listing. On July 17, 2026, the China Securities Regulatory Commission (CSRC) disclosed that Yuen Kee Food may issue up to 23,824,000 ordinary shares for overseas listing. Additionally, 20 shareholders of the company intend to convert their aggregate 82,176,253 domestically unlisted shares into overseas-listed shares, which will be listed and traded on The Stock Exchange of Hong Kong Limited.
Core Business
Founded in 2017, Yuen Kee Food centers its operations around its restaurant brand, Yuen Kee Dumplings, with a core operational philosophy of "handmade, freshly wrapped, and freshly boiled." The company offers consumers both ready-to-eat and raw dumplings, wontons, and related products. Additionally, it further expands its business footprint through its retail brand, Yuen Kee Weixiang, launching pre-packaged dumpling and wonton products via multiple sales channels.
According to data from CIC Consulting, as of December 31, 2025, Yuen Kee Dumplings was China's largest Chinese quick-service restaurant chain by number of stores. In 2025, measured by gross merchandise value (GMV), Yuen Kee Dumplings ranked eighth in China’s overall quick-service restaurant industry and third within the Chinese quick-service segment.
As of May 31, 2026, Yuen Kee Dumplings operated a total of 4,773 stores, with a network spanning 33 provinces, autonomous regions, special administrative regions, and municipalities across China, covering more than 250 cities. As of the same date, the brand also operated 41 overseas stores—36 in Singapore, three in Thailand, one in Malaysia, and one in the United Kingdom.
Yuen Kee Food primarily operates under a franchise model for Yuen Kee Dumplings, supported by a standardized supply chain. The company produces (i) fillings, (ii) wrappers, and (iii) other miscellaneous food items at its facilities and generates revenue by selling these ingredients to franchisees. Franchise stores of various formats use the company-supplied raw materials to prepare food items, which are hand-wrapped on-site and sold to consumers for dine-in, takeout (both cooked and raw), and delivery. The company provides branding, supply chain management, digital solutions, and operational support, while franchisees handle front-end operations and sales. Yuen Kee Food also operates a limited number of company-owned stores, primarily to accumulate operational experience and enhance brand awareness for Yuen Kee Dumplings. Additionally, the company runs the Yuen Kee Weixiang retail business, producing standardized pre-packaged dumplings and wontons at its factories and distributing them primarily through on-demand retail channels, supermarkets, and distributors.
Yuen Kee Food’s product portfolio primarily consists of five core categories under the Yuen Kee Dumplings brand: dumplings, wontons, noodles, snacks, and beverages. As of May 31, 2026, the company offered approximately 350 SKUs nationwide. Other products include pre-packaged foods under the Yuen Kee Weixiang brand, comprising 22 SKUs.
Shareholding Structure
According to the prospectus, prior to its Hong Kong listing, Yuen Kee Food’s shareholding structure was as follows:
Mr. Yuan Lianghong held or controlled an aggregate of 82.54% of the shares, making him the controlling shareholder.
Directors and Senior Management
The Board of Directors of Yuanji Yunjiao consists of eight directors, including:
Five executive directors:
Mr. Yuan Lianghong (Founder, Chairman, and General Manager);
Mr. Tian Wei (Deputy General Manager);
Mr. Xu Le (Deputy General Manager);
Mr. Zhang Liangliang (Deputy General Manager);
Mr. Yuan Yongbo (Employee Representative Director and Head of Southwest Business Division);
3 Independent Non-Executive Directors:
Mr. Yin Qiang (Executive Director and Chief Financial Officer of East Buy (01797.HK));
Ms. Yu Fangjin (formerly with Freshfields Bruckhaus Deringer, Clifford Chance, Jie & Partners, Paul Hastings, and Future Finance);
Mr. Huang Jinshuan (formerly with Yum China and KFC).
In addition to executive directors, senior management includes:
Mr. Xia Ni (Chief Financial Officer);
Mr. Zheng Boqi (Deputy General Manager);
Mr. Liu Yong (Deputy General Manager);
Ms. Cao Shan (Board Secretary, Deputy Financial Controller, and Joint Company Secretary);
Company performance
According to the prospectus, Yuanji Food’s revenue for the past periods—2023, 2024, 2025, and the first five months of 2026—was RMB 2.026 billion, RMB 2.561 billion, RMB 2.795 billion, and RMB 1.306 billion, respectively, with corresponding net profits of RMB 167 million, RMB 142 million, RMB 199 million, and RMB 157 million.
Intermediary Team
The main intermediaries for Yuanji Food’s IPO are as follows:
Huatai International and GF Securities acted as its joint sponsors;
Ernst & Young as auditor;
Cheng Ming Ze Zheng as its PRC legal counsel;
Clifford Chance as its Hong Kong and U.S. legal counsel;
Jingtian & Gongcheng acted as its PRC legal counsel for the securities firm;
Jingtian & Gongcheng (Hong Kong) served as its Hong Kong legal counsel for the securities offering;
Milestone Capital served as its compliance advisor.
CIC Consulting serves as its industry advisor.