Rise and Fall of Zhenxin Chicken: From 25,000 Stores to Hong Kong IPO

Zhenxin Chicken’s parent company, Shanghai Zhenxin Food Group Co., Ltd., is secretly preparing for a Hong Kong IPO to raise around $300 million. Leading financial institutions such as China Galaxy and CITIC have been hired to assist in the process. Zhenxin Chicken, the first Chinese restaurant chain to surpass 10,000 stores, reached its peak in 2021 with 25,000 stores but has now dropped out of the “10,000 Stores Club,” currently operating 9,545 stores as of June 7, 2026. With a massive scale, a chain brand crossing the “scale critical” threshold signifies significant supply chain cost dilution, increased brand penetration, and…