张亮麻辣烫股权生变：创始人股权 “隐身” 香港，藏着上市关键布局？

Core Viewpoint - The recent equity change involving Zhang Liang's company has sparked industry attention, indicating a strategic move towards capitalizing and globalizing the brand, while also highlighting the common challenges faced by the hot pot category in going public [2] Group 1: Equity Restructuring - The equity adjustment is not a withdrawal but a pre-IPO structural upgrade, with Zhang Liang maintaining control through a Hong Kong company, which facilitates foreign investment and aligns with Hong Kong's requirements for clear ownership [3] - This restructuring aims to isolate risks by legally separating personal and corporate assets, addressing public confusion over brand identity linked to the founder [3] Group 2: Expansion and Quality Control - Zhang Liang's brand has over 6,000 global stores as of April 2025, with operations in nearly 60 cities across 20 countries, although expansion growth has slowed due to funding gaps and competition from leading rivals [4] - The brand relies heavily on a franchise model, with less than 2% of stores being company-owned, which has led to quality control issues as franchisees face supply chain cost pressures [5] Group 3: Challenges in Going Public - The brand faces three main challenges in its IPO pursuit: low profitability due to reliance on franchise fees, trust issues related to food safety, and valuation concerns in a market that is becoming cautious towards the hot pot category [6][7] - Despite efforts to improve supply chain management and reduce costs for franchisees, the overall profitability structure remains weak, and the brand's ability to replicate overseas success is uncertain [7][8]