One of the largest Chinese fast food chains J-Kungfu has recently announced the opening of its 300th direct-managed restaurant in Guangzhou and the company said it would enter the capital market in two to three years.
Cai Dabiao, president of J-Kungfu, said that the expansion of Chinese fast food chains had been facing two difficulties: site selection and the lack of talents. However, the current financial depression brought opportunities to the development of some fast food chains, because there were fewer competitors in the market.
According to the latest performance report released by J-Kungfu, its sales in November 2008 were 10% greater than the former expectation, of which, the sales of its rice increased by 30% year-on-year.
Cai said J-Kungfu planned to open 100 to 150 new restaurants across China in 2009 and maintained the growth speed of 100 to 200 news restaurants annually in the future. When the number of its restaurants reaches 800 to 1,000, the company will seek a listing. At present, J-Kungfu has completed its restructuring before listing and the time for its listing is initially planned around 2010 or 2011.