(Yicai Global) Aug. 30 -- After six months of negotiations, hotpot restaurant chain Beijing Huang Ji Huang Catering Management Co. has paid CNY100 million (USD15 million) for Hong Kong dessert chain Hui Lau Shan, famed for its mango desserts.
Huang Ji Huang, founded in 2004, is a relative newcomer to the restaurant scene, most known for a savory hot pot. It has 500 stores across China. The acquisition is hoped to extend Huang Ji Huang's hold in the market and across different regions, Chairman Huang Geng told Beijing Business Today.
Hui Lau Shan is a more traditional brand set up 56 years ago and has over 300 stores worldwide. However, it has lagged behind many new brands and is expected to be rejuvenated by the takeover.
Each store can be adjusted to the city where it is located. "Mango is one of Hui Lau Shan's specialties. But if certain regions have special fruits of their own, should we consider replacing mango?" Mr. Huang wondered.