China Xiangtai Food Co., Ltd. (NASDAQ:PLIN), an emerging growth company engaged in the food processing business, has unveiled plans to launch a hot pot franchise business and plan to open its first location in Chongqing by August 31, 2020.
The company said the launch will allow it to integrate its existing industry resources and leverage its strength to provide consumers with a farm-to-table experience.
The group plans to expand the hot pot chain by applying a franchise model and increase the number of restaurants to 200 by the end of 2021.
READ: China Xiangtai Food Company wins the coveted First Class Award 2020 from Preferred Merchant for “high-quality food”
All restaurants will be operated under the company's own brand ‘Xiangtai Fresh Beef Hot Pot’, and it plans to recruit a team of seasoned restaurateurs with more than 20 years of professional experience to manage and operate the franchise chain.
In a statement, Ms. Zeshu Dai, chairwoman and chief executive officer of the China Xiangtai Food commented, "We are excited about the launch of our hot pot restaurant franchise. We hope to meet the robust demand by supplying fresh and flavorful meat products on the retail level, thus creating additional revenue channels.
“Being competitive in the hot pot business requires high-quality food supplies and extensive food industry experience, which are our strengths. We believe PLIN has tremendous potential and this new business will position the Company to create long-term value."
Headquartered in Chongqing, China, China Xiangtai Food is primarily engaged in pork processing, with its operations spanning key sections of the value chain, including slaughtering, packing, distribution, and wholesale of a variety of fresh pork meat and parts.
The company also offers other fresh and processed products, including beef, lamb and poultries, and through the recent acquisition of Chongqing Ji Mao Cang Feed Co., Ltd, it has also expanded into the business of feed raw material and feed formula solutions.
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