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Key Takeaways:
Big Catering has filed for a Hong Kong IPO, boasting status as China's largest homegrown pizza chain, behind only Pizza Hut and Domino's
The operator of the Big Pizza brand expanded rapidly last year, boosting its store footprint by more than 50%, as it posted double-digit same-store sales growth
In a slowing economy filled with value-conscious consumers, the "all you can eat" buffet format holds out special appeal by allowing even the hungriest diners to stuff themselves silly for a set price. That format has lifted the up-and-coming Big Pizza chain onto China's fast-food map in short order, making it the nation's largest homegrown brand in the pizza category, behind only global giants Pizza Hut and Domino's.
Now, the company behind Big Pizza, Big Catering International Holding Co. Ltd., is hoping to attract investors to its successful formula with plans for a Hong Kong IPO, according to its new listing document filed last week.
While other chains have struggled lately in terms of same-store sales, Big Catering's most impressive feat was boosting that metric for its self-operated stores by 5.1% in 2024, at a time when most rivals were reporting declines. The figure accelerated to 16% growth in the first nine months of last year, as the company embarked on an aggressive expansion that saw it boost its store network by more than 50% during the year.
In addition to its all-you-can-eat buffet format, Big Catering also stands apart from many of its fast-food rivals with its adherence to a model of mostly self-operated stores. Pizza Hut and Domino's also mostly use a self-operated model, but many of China's fastest growing homegrown restaurant and beverage chains have achieved their rapid expansions by relying heavily on the franchise model.
Big Catering also prides itself on its early localization strategy, which, again, has become a critical element for most Western-style brands operating in China. It says it was one of ...
