Key Takeaways:
Yuen Kee has filed to list in Hong Kong, reporting its revenue growth slowed sharply in 2025 after a rapid buildup of its store network over the previous two years
The company could find new growth opportunities in its frozen dumpling retail business, as well as overseas expansion
Foodies could soon have a chance to invest in what's arguably China's equivalent of the hamburger, at least in terms of popularity as a fast food. That's our key takeaway from the filing on Monday for a Hong Kong IPO by Yuen Kee Food Group Co. Ltd., which bills itself as the king of Chinese dumplings, known locally as jiaozi.
Hamburgers may currently rule as the world's favorite fast food, thanks to efforts by McDonald's (NYSE:MCD) and smaller chains like U.S. rival Burger King and Japan's MOS Burger. But when it comes to history, the burger, with just a little more than a century of history, is light years behind Chinese dumplings.
Folklore says the quintessential Chinese fast food has a history dating back around 1,800 years when Zhang Zhongjian, a traditional doctor of Chinese medicine, invented the dumpling during the Han Dynasty to treat ailing residents during a trip to his hometown. Since then, the dish has become a sort of Chinese equivalent of hamburgers, at least in terms of ubiquity, both as an everyday staple and also a traditional item during festivals like the Chinese New Year and winter solstice.
Yuen Kee Food nicely wraps up all that history into a single package for investors, boasting status as China's largest chain serving dumplings, as well as the closely related wonton. The company had 4,266 stores at the end of last September, making it the largest operator of a quick service restaurant (QSR) chain serving Chinese-style food last year, according to its prospectus. By comparison, the second largest operator had 3,076 stores at that time. But we should also ...
