Core Viewpoint - Tasting, a Chinese hamburger chain, is preparing for an IPO in Hong Kong, following significant growth and restructuring efforts aimed at supporting its long-term strategic development [1][2]. Company Overview - Tasting was established in December 2017 and is headquartered in Fuzhou High-tech Zone, focusing on new-style Chinese hamburgers made with freshly baked buns [5]. - The company has seen rapid expansion, growing from fewer than 1,000 stores in 2020 to approximately 9,600 stores across 310 cities in 29 provinces by June 2025 [5][8]. Financial Performance - Tasting's revenue primarily comes from direct store sales and franchise fees, with an estimated revenue of around 5 billion yuan in 2023 [8]. - The company is projected to capture a 37.9% market share in the expanding Chinese hamburger market, which is expected to reach 32 billion yuan in 2024, potentially leading to revenues exceeding 12 billion yuan [8]. Market Position - Tasting ranks third in the hamburger sector in China, with store counts trailing only Wallace and KFC, and surpassing McDonald's [8]. - The average gross margin for a Tasting store is between 65% and 70%, with online package activities yielding a margin of 50% to 55%, and delivery platform margins at 45% to 50%, indicating strong profitability [8]. Recent Developments - In June 2023, Tasting increased its registered capital from approximately 1.03 million yuan to 118 million yuan and underwent significant shareholder changes, suggesting preparations for an IPO [2][4]. - The company has transitioned its corporate structure to facilitate foreign investment, with Tasting (HK) Holdings Limited taking over all shares [4].