PE firms back Chinese Wonton restaurant chain

Qiming was the sole investor in YPX's first round of financing.

YPX was set up in 1997 and became the third-largest Wonton brand in Taiwan, with 70 company-owned and franchise stores throughout the island. YPX Cayman was founded in 2010 to penetrate the China market. It will use the most recent funding to open more stores in the north and east of the country. The company has 10 outlets in Shanghai and expects to open more in its home city and in Beijing by the end of the year.

"We have been supporting the company since the day one," Hans Tung, Qiming's managing director, said in a statement. "I am very proud of the team's professionalism and execution skills. I strongly believe that with a great team, a food and beverage platform can be just as successful as an internet company's platform."

Private equity firms have been drawn to China's low-to-mid-priced dining market as they seek to capitalize on rising consumer spending. In August, Apax Partners acquired Golden Jaguar, a buffet-style restaurant chain specializing in Western cuisine, for $250 million. This followed MUS Roosvelt's purchase of pizza buffet chain Origus in late June.

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• Topics
• Expansion
• Consumer
• Greater China
• China
• Consumer
• Growth capital
• Qiming Venture Partners
• MVC Corporation / Mitsui Ventures
• Hotung International