3.5亿美元拿下83%股权，CPE源峰入主汉堡王中国

Core Insights - Burger King's China business has been sold to CPE Yuanfeng, which will establish a joint venture named "Burger King China" to drive growth in the Chinese market [1][2] - CPE Yuanfeng will inject an initial capital of $350 million into the joint venture for restaurant expansion, marketing, menu innovation, and operational improvements [1] - The joint venture will have a 20-year main development agreement granting exclusive rights to develop the Burger King brand in China, with CPE Yuanfeng holding approximately 83% of the equity and RBI retaining about 17% [1][2] Company Overview - Restaurant Brands International (RBI) fully owns Burger King, which was founded in 1954 and has over 19,000 locations globally, including 1,271 in China as of the end of Q3 [2] - RBI's CEO, Joshua Kobza, emphasized China's attractiveness as a long-term growth market for Burger King, highlighting the recent investment and joint venture as a sign of confidence in the market [2] - RBI had previously reclaimed nearly 100% ownership of Burger King China in February 2023 in preparation for the sale, and confirmed the business as "held for sale" on October 30 [2] Market Context - The current number of Burger King locations in China is significantly lower compared to competitors like KFC, which has over 12,000 locations, and McDonald's, which aims to reach 10,000 [2] - CPE Yuanfeng, established in 2008, is an asset management firm with over 100 billion yuan in managed funds, focusing on consumer services and having invested in various well-known companies [2] - The competitive landscape in the Chinese fast-food market remains challenging, as highlighted by the recent sale of Starbucks' China business to a local partner, which also formed a joint venture [3]