Restaurant Brands International(US:QSR) Xin Lang Cai Jing·2025-11-10 14:38Core Insights - The sale of Burger King's China business has been finalized, with CPE Yuanfeng entering a strategic partnership to establish a joint venture named "Burger King China" [2][3] - CPE Yuanfeng will inject an initial capital of $350 million to support restaurant expansion, marketing, menu innovation, and operational improvements [2] - The joint venture will have a 20-year master development agreement granting exclusive rights to develop the Burger King brand in China [2] Company Overview - CPE Yuanfeng will hold approximately 83% of the joint venture, while Restaurant Brands International (RBI) will retain about 17% [2] - The goal is to expand the number of Burger King outlets in China to over 4,000 by 2035, alongside achieving same-store sales growth [2] - As of the end of Q3, Burger King China had 1,271 outlets, a decrease from 1,367 at the end of Q2, highlighting a significant gap compared to competitors like KFC and McDonald's [3] Market Context - RBI, which fully owns Burger King, is one of the largest fast-food service groups globally, with over $45 billion in annual system sales and more than 32,000 restaurants in over 120 countries [2][3] - The recent move follows RBI's decision to classify Burger King China's business as "held for sale" after regaining nearly 100% ownership earlier this year [3] - The competitive landscape in China's fast-food market remains challenging, as evidenced by Starbucks also selling a stake in its China operations to a local partner [4]