Hony's F&B platform leads $11.5m round for China fast food chain
Hony Capital has led a $11.5 million Series B round for Xi Shao Ye, a Chinese fast food chain, through its Hong Kong-listed food and beverage platform Best Food Holding.
Existing investor Capital Today also participated in the round.
Xi Shao Ye was founded in 2014 by Bing Meng, who previously worked for Tencent Holdings and Baidu. The company operates 15 restaurants and take-out shops in Beijing - all of which are profitable - and is best known for serving Chinese style hamburgers.
Xi Shao Ye received seed funding from Zero2IPO and an undisclosed Series A round from Capital Today. Following the new investment, it plans to expand outside of Beijing with a view to reaching 10,000 outlets within five years, Meng told local media in a press conference.
Hony invested HK$1.5 billion ($193 million) in Hong Kong-listed Lee & Man Handbags in September, changed the name to Best Food Holding, and uses the entity as an investment platform for its restaurant assets. Earlier this month, it acquired a 19% stake in fast food restaurant business Hehegu for RMB41 million ($6 million).
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.