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Largest Restaurants & Nightlife Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Yum China, Luckin Coffee, Haidilao, Guming Holdings and Ziyan Foods.
 | Yum China is the largest restaurant operator in China, with over 18,000 locations and USD 12 billion in systemwide sales as of 2025. It generates revenue primarily from its own restaurants and franchise fees. While KFC and Pizza Hut are its flagship brands, Yum China's portfolio also includes Little Sheep, Taco Bell, Huang Ji Huang, and Lavazza. As a trademark licensee of Yum Brands, Yum China pays 3% of KFC and Pizza Hut's systemwide sales to its former parent, from which it spun off in 2016. However, even before the separation, Yum China was granted substantial autonomy, giving its Chinese leadership decision-making authority over menu, supply chain, and marketing—an unusual practice for Western chains at the time. | $45 | +2% | $16B | $17B | 1.4x | 9.4x | ||
| Luckin Coffee Inc is a China based company engaged in operation of coffee stores. It sources its Arabica coffee beans from various suppliers and engage World Barista Champion teams to design its coffee recipes. The company also has partnered with suppliers for other products such as juices and light meals. | $33 | +1% | $10B | $9B | — | — | ||
| Haidilao, founded in Sichuan in 1998, is a prominent Chinese hot pot restaurant operator. Following the spinoff of its international unit Super Hi, Haidilao now focuses solely on managing restaurants in Greater China.By the end of 2024, the chain operated over 1,300 stores in Greater China, generating more than CNY 40 billion in systemwide sales, making it one of the largest restaurant operators in China. The majority of its restaurants are company-owned, with only a small fraction franchised. | $2 | -14% | $9B | $8B | 1.3x | 7.0x | ||
| Guming Holdings Ltd is a company in China. It operates under a franchise model under the Good Me brand. The Good Me stores offer three categories of beverages: Fruit tea beverages, Milk tea beverages, Coffee beverages, and others. It is principally engaged in the operation of a franchised retail network and the trading of ingredients and other related products of freshly-made beverages and equipment. | $3 | -15% | $7B | $7B | 3.6x | 11.8x | ||
| Ziyan Foods Group Co Ltd is engaged in the research and development, production and sales of braised food. | $4 | +34% | $2B | $2B | 3.3x | 24.2x | ||
| Guangzhou Restaurant Group Co Ltd is a catering service and food production company. Its catering brands include Guangzhou Restaurant, Tianji and Westernland, Good and tangible, food brand Likoufu and Autumn Wind, with Guangzhou restaurant and food restaurants, Western-style Western-style light meals, good and tangible fusion restaurant, large food processing base and more than 160 Home food chain cake house. | $2 | -11% | $1B | $1B | 1.6x | 8.6x | ||
| Xiaocaiyuan International Holding Ltd is a self-operated chain of restaurants in China’s mass Chinese cuisine market. The company generates revenue from Restaurant operations, Delivery business, and others. The company generates the majority of its revenue from Restaurant operations. The company operates within the PRC region. | $1 | -27% | $946M | $867M | 1.1x | 4.0x | ||
| DPC Dash Ltd is involved in operating a food and beverage business in china. The company has adapted and built upon the Domino's business model by localizing its key features for China, and its consumers and focused on serving handcrafted, quality pizza at a competitive price, with easy ordering access and efficient delivery, enhanced by technological innovations. The majority of revenue is derived from China. | $5 | -57% | $682M | $830M | 1.0x | 5.6x | ||
| TH International Ltd is the parent company of the franchise of Tim Hortons coffee shops and has the rights to operate Tim Hortons coffee shops in mainland China, Hong Kong, and Macau. Through the Tim Hortons brand, the firm offers freshly brewed coffee, tea, and other beverages, bakery & sides, and sandwiches. The Company operated under single reportable segment, Tim Hortons. The company's revenue is derived from its operations in the PRC. | $2 | -32% | $64M | $333M | 1.7x | (8.3x) | ||
| Kafelaku Coffee Holding Ltd is an investment holding company. Along with its subsidiaries, it is principally engaged in providing food and beverage services in Hong Kong and the PRC, including Chinese catering services and coffee services. The group operates franchised coffee shops under the brand name Kafelaku Coffee and full-service Chinese restaurants under the brand Li Bao House and Star of Canton. Its reportable operating segments are Food catering and Beverage. A majority of its revenue is generated from the Food catering segment, which represents restaurant operations delivering Cantonese cuisine, Chinese banquets, and dining services. The Beverage segment represents the group's coffee operations. Geographically, it derives maximum revenue from the People's Republic of China (PRC). | $0 | -- | $18M | $21M | 1.5x | 9.7x | ||
| Median | $2 | -14% | $1B | $1B | 1.5x | 8.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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