New stock news | BiGe Catering is submitting an application to the Hong Kong Stock Exchange, the largest local company in China's pizza restaurant industry.

According to the disclosure by the Hong Kong Stock Exchange on January 16, Bigg F&B International Holdings Limited (Bigg F&B) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with China International Capital Corporation Limited as its sole sponsor. According to data from Zhishi Consulting, as of the nine months ended September 30, 2025, the company ranked first in China's domestic pizza restaurants by Gross Merchandise Value (GMV), with a total trading volume of RMB 1.7 billion, and a market share of 4.3%. During the same period, it also ranked first in buffet restaurants with a market share of 1.2%, and first in Western casual dining restaurants. Company Introduction The prospectus shows that Bigg F&B is a leading pizza buffet brand in China. Founded in Beijing in 2002, Bigg F&B has expanded to 387 restaurants across 127 cities in China, including 310 self-operated restaurants and 77 franchise restaurants. Bigg F&B is one of the earlier restaurant brands in China to introduce a pizza buffet model. The company's business model focuses on a variety of pizza flavors as its signature dishes, complemented by a wide range of Chinese and Western dishes, served in a buffet format for customers to enjoy. Buffet Model: The company's buffet model offers a rich variety of SKUs to cater to diverse consumer tastes. Customers can sample multiple dishes in a single meal, freely mix and match, and customize their dining experience to enhance participation and provide a more personalized and enjoyable dining experience. Localized Menu: The company's menu is tailored to local customer preferences and includes a variety of Chinese-style dishes. This flexibility allows customers to choose flavors according to their personal preferences, making the company's products suitable for various dining occasions and customer groups, including families, students, solo diners, social media users, and elderly customers. High Quality and Value: Customers can enjoy over 100 high-quality dishes, including a variety of pizzas, Chinese and Western dishes, beverages, and desserts for an average consumption of not more than RMB 79.99 per person. The pricing and product offerings are designed to meet the needs of consumers in first and second-tier cities as well as emerging markets, providing a balanced combination of cost-effectiveness and product diversity to cater to different dining preferences. As one of the first restaurant brands in China to introduce and promote fruit pizzas, Bigg F&B continues to optimize and innovate in this product category, which has become one of its most popular products. Several signature products such as durian pizza and lychee pizza have gained wide recognition among consumers and frequently appear on social media platforms. Bigg F&B has also received industry recognition, including being named one of the "Top Ten Pizza Brands" by Hongcanet in 2025, selected as one of the "Top 100 Chinese Catering Enterprises in 2024" by the China Cooking Association, designated as a "Preferred Experience Store for New Zealand Beef and Lamb" by New Zealand Prime Minister Christopher Luxon in 2025, and honored with the "Annual Leading Brand" title at the 2024 Meituan Catering Industry Conference. Financial Data Revenue: The company achieved revenues of approximately RMB 943 million, RMB 1.147 billion, RMB 833 million, and RMB 1.389 billion in the fiscal years 2023, 2024, the nine months ended September 30, 2024, and the nine months ended September 30, 2025, respectively. During the historical period, almost all of the company's revenue came from restaurant operations and franchise management. Annual/Periodic Profit: The company recorded annual/periodic profits of approximately RMB 47.518 million, RMB 41.737 million, RMB 32.425 million, and RMB 51.651 million in the fiscal years 2023, 2024, and the nine months ended September 30, 2025. Industry Overview The catering industry provides food and dining facilities and services to consumers through real-time production, commercial sales, and services. As of 2024 GMV calculations, China is the world's second-largest catering market. Despite the impact of the pandemic, the scale of the Chinese catering market fluctuated from 2020 to 2022, but rapidly recovered in 2023. In 2024, the GMV of the Chinese catering market reached RMB 5.6 trillion, but there is still room for improvement in the dining out rate (the proportion of catering industry GMV to overall food and beverage expenses) compared to developed markets; the dining out rate in China was 29.2% in 2024, while the rates in the US and Japan were 44.3% and 43.6% respectively. As disposable incomes rise and lifestyles accelerate, the demand for dining out in China is expected to continue growing. According to Zhishi Consulting data, the dining out rate in China is expected to increase to 33.1% in 2029, and the Chinese catering market is projected to reach RMB 7.9 trillion in 2029, with a compound annual growth rate of 7.1% from 2024 to 2029. In terms of dining formats, the Chinese catering market can be divided into buffet restaurants and non-buffet restaurants. Buffet restaurants allow customers to choose from a variety of dishes provided by the restaurant according to their preferences, typically charging a fixed fee per person. Despite the impact of the pandemic, the buffet restaurant market, in terms of GMV, grew from RMB 142.5 billion in 2019 to RMB 172.2 billion in 2024, with a compound annual growth rate of 3.9% from 2019 to 2024, and is expected to reach RMB 267.2 billion by 2029, with a compound annual growth rate of 9.2% from 2024 to 2029. The Chinese catering market can be divided into three subcategories based on the types of cuisines offered: Chinese cuisine, Western cuisine, and other cuisines (such as Japanese cuisine, Southeast Asian cuisine, etc.). Chinese cuisine is the largest subcategory, accounting for approximately 72.7% of sales in 2024, while the Western cuisine subcategory is growing faster than the overall catering market, with an expected compound annual growth rate of 7.9% from 2024 to 2029. Western cuisine is the second largest category in the Chinese catering market and is growing faster than the overall market. The market size, in terms of GMV, increased from RMB 522.1 billion in 2019 to RMB 655.9 billion in 2024 (with fluctuations from 2020 to 2022 due to the impact of COVID-19). According to Zhishi Consulting data, the market size of Western cuisine restaurants is expected to reach RMB 959.6 billion by 2029, with a compound annual growth rate of 7.9% from 2024 to 2029. The Western cuisine market in China can be further divided into pizza restaurants, burger/chicken restaurants, steak restaurants, and others (such as fast food). Pizza restaurants are growing faster than the overall Western cuisine market, with an expected compound annual growth rate of 12.9% from 2024 to 2029, and the market size is projected to increase from RMB 48.2 billion in 2024 to RMB 88.5 billion in 2029. The Western cuisine market in China can also be classified into three categories based on the type of services offered and average per capita consumption: fast food, casual dining, and fine dining. Western fast food restaurants (usually with an average consumption of less than RMB 60 per person) provide quick and convenient dining activities (quick service and dining), often with limited table service, and a higher proportion of take-out compared to other categories. Western fine dining restaurants (usually with average consumption of more than RMB 120 per person) refer to upscale Western restaurants that mainly serve lunch and dinner, providing table service by wait staff. Western casual dining restaurants fall between fast food and fine dining (with average consumption typically between RMB 60 and RMB 120 per person). Compared to fast food restaurants, they offer a comfortable dining environment and diverse consumption scenarios; compared to high-end restaurants, they offer fast service and a more convenient and relaxed dining experience, with more affordable pricing, less reliance on chefs, higher standardization, and greater replicability. Casual dining restaurants are growing faster than the Western cuisine market as a whole, with an expected compound annual growth rate of 10.8% from 2024 to 2029. Board of Directors Information The company's board of directors consists of seven members, including four executive directors and three independent non-executive directors. The board is responsible for and has general authority to manage and operate the company. Equity Structure Mr. Zhao Zhiqiang holds 52.2% of the shares through Schinda, Mr. Zhao Zhiqiang's spouse, Ms. Ma Jifang, holds 21.8% through Lavender International, Ms. Zhao Chenru holds 7% through Eunoia, Mr. Zhao Zhigang holds 5% through Mount Tai, Mr. Hou Yagang holds 9% through Charlotte International, and Ms. Wang Hong holds 5% through Sicilienne. Intermediary Team Sole Sponsor: China International Capital Corporation Limited Company Legal Advisors: Hong Kong Law: Jia Yuan Law Firm; Chinese Law: Jia Yuan Law Firm; Cayman Islands Law: Harney Westwood & Riegels Sole Sponsor Legal Advisors: Hong Kong Law: Jones Day; Chinese Law: LTSND Law Firm Auditors and Reporting Accountants: PricewaterhouseCoopers Industry Consultants: Zhishi Consulting Compliance Advisors: MyCapital Limited