Jan. 9, 2012 (China Knowledge) - Hop Hing Group Holdings Ltd<0047
>, the operator of Yoshinoya and Dairy Queen in mainland China, has announced plans to spend RMB 150 million to open around 90 mainland outlets.
Details on the expansion plans, however, were not been disclosed. Hong Kong-listed
Hop Hing principally operates more than 300 outlets in Beijing
, Northeast China, Hebei
Province and the Inner Mongolia
Hop Hing, which has over 70 years of experience in importing, packaging and distribution of edible oils in Hong Kong
, has acquired Summerfield Profits Ltd, mainland China's franchisee of Yoshinoya and Dairy Queen fast food chains, for a total of HK$3.48 billion, China Knowledge reported earlier
Japan-based Yoshinoya Holdings Co operates beef bowl restaurant chains, while U.S.-based American Dairy Queen Corp sells ice cream and other desserts.
Hop Hing, which has yet posted its fiscal result for 2011, reaped HK$7.18 million in net profit in 2010, reflecting a year-on-year decline of 43.8%. Earnings per share for 2010 were 1.4 HK cents and no final dividend was declared, sources reported.