According to news, BANU TRIPE HOT POT LTD (hereinafter "BANU") officially submitted its prospectus to the Hong Kong Stock Exchange on June 16, 2025, for a proposed listing on the main board. China International Capital Corporation (CICC) and CMB International will serve as joint sponsors.
In the prospectus, BANU stated that the net proceeds from the IPO will primarily be used to expand its network of self-operated restaurants, thereby increasing geographical coverage and deepening market penetration; improving business management and the digitalization of restaurant operations; brand building; optimizing the supply chain, including the construction and expansion of central kitchens and satellite warehouses; and for working capital and general corporate purposes.
Founded in 2001, BANU opened its first store in Anyang, Henan, and has since become the largest hot pot brand in China's quality hot pot market by revenue. According to data from Frost & Sullivan, BANU held a 3.1% share of China’s quality hot pot market in 2024. As of June 9, 2025, BANU’s network of self-operated stores has expanded to cover 39 cities nationwide, with 145 stores, a 74.7% increase from 83 stores at the end of 2021. Among these, 31 stores are in first-tier cities, while 114 are in second-tier and lower cities.
In international markets, the development of Chinese hot pot restaurants is gaining momentum. According to Frost & Sullivan, the Chinese food service market in international markets is expected to account for 10.8% of the global market by 2026. Within this, hot pot is anticipated to experience faster growth than other Chinese food categories, projected to reach USD 46.5 billion by 2026, with a compound annual growth rate of 10%. Since the first overseas Chongqing Joy Cygnet Dinning opened in Seattle, USA, in 1995, well-known Chinese hot pot brands such as HAPPY LAMB, SHOO LOONG KAN FOOD, and Haidilao have all expanded internationally with impressive results. For example, HAPPY LAMB, which debuted in Boston, USA, in 2016, has since rapidly expanded to more than 10 countries, including the UK, Australia, the US, Sweden, and Singapore. Currently, HAPPY LAMB has successfully opened hundreds of stores in over 90 cities.
Amid the current trend of Chinese restaurant brands expanding overseas, BANU's founder, Du Zhongbing, may consider North America as the first destination for its international expansion. In an interview with 36Kr, he mentioned that while many restaurant businesses opt to expand into Southeast Asia, North America is still the strongest market. Additionally, Du Zhongbing emphasized that while the confidence of restaurant brands expanding overseas has not yet been fully established, BANU’s goal is to build its brand abroad, and as such, its overseas locations will likely be in commercial and bustling areas. He also pointed out that cultural attributes behind a restaurant brand should be considered first when expanding overseas, rather than merely focusing on functionality.