Group 1 - CPE Yuanfeng and Restaurant Brands International (RBI) announced a strategic partnership to establish a joint venture named "Burger King China," with CPE Yuanfeng investing approximately $350 million for an 83% stake [2] - The partnership includes a 20-year master development agreement granting Burger King China exclusive brand development rights, aiming to expand the number of stores from around 1,250 to over 4,000 by 2035 [2] - CPE Yuanfeng's investment will focus on store expansion, menu innovation, digitalization, and marketing [2] Group 2 - RBI, headquartered in Canada, operates over 32,000 stores globally and generated over $20 billion in revenue in 2024, with China being its eighth-largest market [3] - CPE Yuanfeng, formerly known as CITIC Industrial Fund, is a leading private equity investment firm in China, managing over 100 billion yuan and specializing in technology, consumption, and infrastructure [3] - CPE Yuanfeng has extensive experience in consumer brand acquisitions, having recently exited an investment in Siyi Industrial for nearly 1 billion yuan [3][4] Group 3 - The acquisition of Burger King China follows RBI's previous purchase of 100% equity from TFI and Decal Capital for $158 million, ending a 12-year franchise reliance [2][3] - The expectation is that CPE Yuanfeng will replicate its successful strategy used in transforming McDonald's China, leveraging local resources and operational capabilities to enhance Burger King's competitiveness in China [5]