HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Yuen Kee Food Group / Equity Capital Markets

<ul>
<li>YUEN KEE FOOD's revenue mainly comes from selling standardized ingredients/materials. This makes its profits closely tied to the depth of franchisees' purchases, similar to a B2B food supply chain enterprise.</li>
<li>YUEN KEE FOOD's growth narrative heavily relies on the single path of "opening more franchise stores".The key to rapid expansion is a highly standardized/ replicable "supply chain + franchise" system. </li>
<li>Considering risks of franchise model/low margin, a discount would be considered (e.g. 18-20x P/E).If the market recognizes its supply chain efficiency/growth story, a premium may be given (e.g. 22-25x P/E)</li>
</ul>


YUEN KEE FOOD's revenue mainly comes from selling standardized ingredients/materials. This makes its profits closely tied to the depth of franchisees' purchases, similar to a B2B food supply chain enterprise.
YUEN KEE FOOD's growth narrative heavily relies on the single path of "opening more franchise stores".The key to rapid expansion is a highly standardized/ replicable "supply chain + franchise" system. 
Considering risks of franchise model/low margin, a discount would be considered (e.g. 18-20x P/E).If the market recognizes its supply chain efficiency/growth story, a premium may be given (e.g. 22-25x P/E)


Pre-IPO Yuen Kee Food Group - The Business Model, the Concerns and the Outlook

APAC IPOs & Placements, Aequitas Research

Kajal Jain

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yuen-kee-food-group-co-ltd" target="_blank" data-smartkarma-citation="entities:46292:1" rel="noopener">Yuen Kee Food Group (YKF HK)</a> plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai and GF Securities.</li>
<li>YKF is a China-based quick service restaurant (QSR) company offering dumplings, wontons and related products across dine-in, ready-to-cook (RTC) and ready-to-eat (RTE) formats.</li>
<li>According to CIC, it was the largest Chinese-style QSR company globally by number of stores as of September 30, 2025.</li>
</ul>



Yuen Kee Food Group (YKF HK) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai and GF Securities.
YKF is a China-based quick service restaurant (QSR) company offering dumplings, wontons and related products across dine-in, ready-to-cook (RTC) and ready-to-eat (RTE) formats.
According to CIC, it was the largest Chinese-style QSR company globally by number of stores as of September 30, 2025.


Aequitas: Yuen Kee Food Group Co. Ltd. Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of ~US$1bn deals could launch this week.</li>
<li>On the placement front, flow continues to slowdown going into year end earnings season.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of ~US$1bn deals could launch this week.
On the placement front, flow continues to slowdown going into year end earnings season.


Aequitas ECM Weekly (26 January 2026)- Busy Ming, Montage, Eastroc, Muyuan, Longcheer, Sinotruk,

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Yuen Kee Food Group (YKF HK)

Pre-IPO Yuen Kee Food Group - The Business Model, the Concerns and the Outlook

YUEN KEE FOOD's revenue relies on selling standardized ingredients to franchisees,with growth tied to opening more stores.Due to risks of...

Xinyao (Criss) Wang

Aequitas: Yuen Kee Food Group Co. Ltd. Pre-IPO Tearsheet

Yuen Kee Food Group (YKF) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai and GF Securities.

Kajal Jain

Aequitas ECM Weekly (26 January 2026)- Busy Ming, Montage, Eastroc, Muyuan, Longcheer, Sinotruk,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Yuen Kee Food Group - The Business Model, the Concerns and the Outlook

​YUEN KEE FOOD's revenue relies on selling standardized ingredients to franchisees,with growth tied to opening more stores.Due to risks of...

Xinyao (Criss) Wang

Aequitas: Yuen Kee Food Group Co. Ltd. Pre-IPO Tearsheet

Yuen Kee Food Group (YKF) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai and GF Securities.

Kajal Jain

Aequitas ECM Weekly (26 January 2026)- Busy Ming, Montage, Eastroc, Muyuan, Longcheer, Sinotruk,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

YUEN KEE FOOD's revenue relies on selling standardized ingredients to franchisees,with growth tied to opening more stores.Due to risks of...