Japanese fast food chain Yoshinoya Holdings has signed a cooperative memorandum with the Taiwanese food giant Ting Hsin International Group to set up a joint venture for expansion in the Chinese mainland.
The two parties will jointly invest at least CNY100 million in this new joint venture, which is expected to be formally launched in September this year. The joint venture will be in charge of the opening and management of Yoshinoya restaurants in the Chinese mainland and it plans to increase the number of Yoshinoya restaurants in the mainland market to 1,000 in the next five years.
Having operated in the mainland market for over five years, Yoshinoya has 211 outlets in the market and most of these outlets are in coastal areas. With this cooperation, Yoshinoya will use Ting Hsin's resources to expand into the inland markets of China and it plans to start its distribution in Sichuan before the end of this year.
As the owner of Dicos and Master Kong, Ting Hsin International Group has established partnership with several Japanese companies, including FamilyMart and Sanyo Foods. The Japanese retail giant Itochu holds a 20% stake in the Ting Hsin group.