Core Viewpoint - Company Jiumaojiu (09922.HK) has announced a non-binding term sheet to acquire equity in a target company, a North American restaurant chain operating under the brand Big Way Hot Pot, for a total purchase price of $15 million and an additional subscription price of $28 million [1] Group 1: Acquisition Details - The company plans to purchase shares from existing shareholders of the target company for a total price of $15 million [1] - The company also intends to subscribe for additional shares in the target company for a total subscription price of $28 million [1] - The total cash consideration will be settled using internal resources and bank loans [1] Group 2: Target Company Overview - The target company operates a chain of restaurants under the Big Way Hot Pot brand, offering a self-service hot pot dining experience [1] - The restaurant chain specializes in various high-quality meats, seafood, fresh vegetables, and a variety of seasonings, with all ingredients cooked separately in flavorful broth [1] - Currently, Big Way Hot Pot operates 21 restaurants located in Greater Vancouver, Toronto, and California [1]

Group 1 - The core concept of the article revolves around the continuous brand transformation of Tai Er, which is shifting from its traditional focus on sauerkraut fish to a broader offering of Sichuan cuisine under the new branding "Xin Tai Er · Fresh Ingredients Sichuan Cuisine" [1][2][6] - The new Tai Er stores have introduced over 20 new dishes, emphasizing fresh ingredients such as live fish, shrimp, beef, chicken, and pork, while still retaining the sauerkraut fish on the menu, albeit with reduced portion sizes and prices [5][8] - The brand upgrade is part of a strategic shift to adapt to changing consumer preferences and market dynamics, with the goal of enhancing customer engagement and increasing overall sales [6][9] Group 2 - The company has faced declining revenues, with a reported 10.14% year-on-year decrease in revenue to 2.753 billion yuan and a 13.3% decline in income from Tai Er to 1.948 billion yuan in the first half of the year [8][9] - The Sichuan cuisine market is thriving, with over 150,000 Sichuan restaurants in China, representing 11.4% of the total Chinese dining market, prompting Tai Er to return to its roots in Sichuan cuisine [9][10] - The transition to a fresh ingredient model is expected to increase supply chain costs by 15%, posing a challenge for the company as it seeks to maintain competitive pricing while ensuring quality [14][19] Group 3 - The company is currently testing the new store format, with plans to expand to 200 renovated locations by the end of the year, indicating a significant commitment to this brand evolution [8][9] - Challenges include the need for skilled chefs to support the new cooking style, as the shift from a central kitchen model to fresh cooking requires extensive training and consistency across locations [19][20] - The brand's historical association with sauerkraut fish may complicate efforts to reshape consumer perceptions and establish a new identity in the Sichuan cuisine segment, which could take years to achieve [21][22]

Group 1 - The company Jiumaojiu (09922.HK) plans to acquire a 49% stake in Big Way Group Inc, which operates 21 hot pot restaurants in the US and Canada, for a total consideration of $43 million, funded through internal resources or bank loans [1][3][7] - Following the acquisition, Jiumaojiu's voting rights in Big Way Group Inc will increase to approximately 10.8% [3][9] - The transaction is expected to be completed by the end of March next year, with provisions for either party to terminate the deal if not finalized by that date [3][9] Group 2 - As of the end of October, Big Way Group Inc has a net asset value of approximately $5.54 million, with the total equity valued at around $77 million [3][9] - For the fiscal year ending last year, Big Way Group Inc reported a net profit of $983,900, representing a year-on-year increase of 368% [3][9]

Core Insights - Major restaurant chains like Pizza Hut and Jiumaojiu are entering the barbecue market, following Haidilao's earlier move, indicating a growing interest in this segment [1][10]. Company Strategies - Jiumaojiu is launching a new brand focused on Chaozhou beef barbecue, with an average customer spend of approximately 126 yuan, emphasizing fresh ingredients and a transparent supply chain [2][4]. - Pizza Hut's new brand "Pizza Hut Grilled Skewers" operates in a dual capacity, serving traditional pizza during the day and barbecue at night, with an average spend of around 70 yuan [7][8]. Market Dynamics - The barbecue market in China is projected to exceed 600 billion yuan in 2024, with over 520,000 stores, but lacks dominant brands, presenting opportunities for major players [10][11]. - The entry of leading brands into the barbecue sector is driven by the potential for resource sharing, such as supply chain and operational efficiencies, which can significantly reduce costs [11][13]. Competitive Landscape - The barbecue industry is experiencing a dichotomy, with traditional models facing challenges while innovative concepts are emerging, such as self-service and interactive dining experiences [14][22]. - New entrants in the Korean barbecue segment are adapting to consumer preferences for social dining experiences, moving away from traditional marketing strategies [16][19]. Innovation and Trends - The self-service barbecue model is evolving, focusing on product quality and customer experience, with brands like "Liulang Paopao" leading in value competition [17][19]. - Innovative dining formats, such as rotating conveyor belt systems and barbecue convenience stores, are enhancing customer engagement and operational efficiency [21][22].

九毛九(09922)公布，于2025年12月29日，公司与目标公司订立一份不具法律约束力的条款书，公司拟 向目标公司Big Way Group的若干现有股东收购目标公司股份，总购买价为1500万美元;及认购目标公司 股份，总认购价为2800万美元。根据最终协议，于可能投资完成后，目标公司将拥有带有不同投票权及 参与权的股份类别。预期公司将透过持有目标公司约49.0%的A类股份(每股附带一项投票权及一项参与 权)而有权获得目标公司约10.8%的投票权及49.0%的参与权。 来源：滚动播报 ...

Group 1 - The company, Jiumaojiu (09922), announced a non-binding term sheet to acquire shares from existing shareholders of Big Way Group Inc. for a total purchase price of $15 million and a subscription price of $28 million [1] - Upon completion of the investment, the company is expected to hold approximately 49.0% of Class A shares in Big Way Group, which will grant it about 10.8% voting rights and 49.0% participation rights [1] - Big Way Group operates a chain of restaurants under the "Big Way Hot Pot" brand, offering a self-service hot pot dining experience with a focus on high-quality meats, seafood, fresh vegetables, and various seasonings [1] Group 2 - The target company has established effective localization in the North American market and is in an expansion phase, indicating strong development foundations and growth potential [2] - The investment is expected to support the target company's further development in areas such as standardized replication of the chain brand, operational management system establishment, and organizational and talent development [2] - The company aims to leverage the established business foundation of the target company in North America to create a more solid business foothold and generate positive synergies within the group's brand network, leading to strategic value and economic returns [2]

Core Viewpoint - The company, 九毛九, plans to acquire shares of Big Way Group Inc. for a total purchase price of $15 million and a subscription price of $28 million, aiming to hold approximately 49.0% of Class A shares, which will grant it about 10.8% voting rights and 49.0% participation rights in the target company [1][2] Group 1: Investment Details - The total purchase price for the acquisition of shares in Big Way Group Inc. is set at $15 million, with an additional subscription price of $28 million [1] - The company expects to hold approximately 49.0% of Class A shares, which will provide it with about 10.8% voting rights and 49.0% participation rights in the target company [1] Group 2: Target Company Overview - Big Way Group Inc. operates a chain of restaurants under the "Big Way Hot Pot" brand, offering a self-service hot pot dining experience with a focus on high-quality meats, seafood, fresh vegetables, and various seasonings [1] - As of the announcement date, Big Way Hot Pot operates 21 restaurants across Greater Vancouver, Toronto, and California [1] Group 3: Strategic Implications - The target company has established effective localization in the North American market and is in an expansion phase, indicating strong growth potential [2] - The investment is expected to support the target company's development in areas such as standardized brand replication, operational management, and talent development, thereby enhancing the company's strategic value and economic returns for the group [2]

Core Viewpoint - The company, Jiumaojiu (09922.HK), announced a non-binding term sheet to acquire equity in Big Way Group Inc., with a total purchase price of $15 million and a subscription price of $28 million, aiming to enhance its presence in the North American market through strategic investment [1] Group 1: Investment Rationale - The target company has successfully localized a Chinese dining concept in North America, attracting a broad customer base primarily composed of non-Chinese consumers, which addresses the structural limitations of the company's existing brands in the region [1] - The investment is expected to integrate local resources in North America, creating a complementary effect with existing brands, thus facilitating the company's global expansion strategy in the Chinese dining sector [1] Group 2: Growth Potential and Synergies - The target company has established a proven business model in North America, demonstrating strong growth momentum and expansion potential, with the company's expertise in standardized operations and management expected to enhance the target's execution and operational quality [2] - The target company is in a phase of gradually releasing its profit potential, with established competitive business models and attractive profit margins, indicating room for improvement in profitability as the network expands [3] Group 3: Long-term Value Creation - Through the potential investment, the company aims to participate in the future value growth of the target company while sharing in the economic benefits derived from its operational success, thereby enhancing the overall profitability and long-term returns for shareholders [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 內幕消息 有關可能投資的條款書 可能投資 董事謹此宣佈，於2025年12月29日，本公司與目標公司訂立一份不具法律約束 力的條款書，據此，本公司擬收購及認購目標公司的若干股權。 根據條款書，本公司擬：(i)向目標公司的若干現有股東收購目標公司股份，總 購買價為15,000,000美元；及(ii)認購目標公司股份，總認購價為28,000,000美 元。 Jiumaojiu International Holdings Limited 九毛九國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9922） 訂約方及銷售股東應簽立及交付最終協議，以期於2026年3月31日或之前或訂 約方及銷售股東共同協定的其他日期完成可能投資。可能投資的完成須待簽立 最終協議及其他正式文件後，方可作實。可能投資的詳情（包括代價的支付條 款、銷售股東的身份及本公司向銷售股東收購及認購的目標公司股份詳情）將由 訂約方及 ...

九毛九(09922)发布公告，于2025年12月29日注销585.1万股已回购股份。 ...