Asian venture capital firms Hotung Investment, Mitsui Global Investment and Qiming Ventures have led a $20m Series B financing round for Chinese wonton restaurant chain operator YPX Cayman Holdings.
The round also attracted investment from former DBS Bank and Singapore Airlines chairman Koh Boon Hwee and Nasdaq-listed 51Job.com founders Norman Lui and Michael Feng Yunlei.
Founded in Shanghai in 2010, the company manages casual (F&B) chains in China. Cloud 9, the company’s first brand, mainly focuses on the Taiwanese casual F&B and snacks segment. The brand now has ten stores in Shanghai and is expected to open stores in Beijing and markets around Shanghai by the end of this year.
The financing will enable the company to open more stores in the Eastern and Northern part of China, the company said, in line with its strategy of building a large fast casual food and beverage chain platform.
Jennifer Huang, president of Hotung Investment, said, “In China, Chinese-style casual F&B is a more attractive option for consumers than western-style casual F&B. The key of establishing a strong footprint in the market is to provide products and services with a higher price/performance ratio as well as standardisation of production and management. YPX Cayman is definitely working towards this direction.”
Shunsuke Masaki, head of consumer investment for Mitsui Global Investment, added, “We’re glad that YPX Cayman is striving to achieve the strategic goal of building a casual F&B chain platform. We believe that under the leadership of existing executives, the company will meet the goal. Mitsui Global Investment has invested in more than 15 F&B companies in Japan and we hope to make more brands available in China through YPX Cayman.”
In June Qiming-backed Beijing online clothing retailer Vancl selected the banks for its upcoming IPO, which could raise up to $1bn. The listing is the largest internet initial public offering from China in the US this year.
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