Beijing 60-year-old snack shop will go public

The manager of the Qing Feng Steamed Dumpling Shop in Beijing serves customers. People flocked to the shop after President Xi Jinping dined there. [Photo by Cheng Liang / for China Daily]

BEIJING - Qing-feng, an old Beijing restaurant chain known for its steamed dumplings, announced on Monday it will go public next year.

"If everything goes well, our company will be listed on the New Third Board next March or April," said Gao Wenhui, the company's general manager.

New Third Board is a pilot national share transfer system for small and medium-sized enterprises that allows the public to buy equities over-the-counter before an IPO in the Shanghai or Shenzhen stock exchanges.

Qing-feng, established in 1956, is noted for dumplings known as "baozi" and fried pig's liver, traditional Beijing delicacies. The company is affiliated to Beijing Huatian Food group co.,ltd.

As a state-owned enterprise, Qing-feng has to be converted to a share-holding company in order to go public, which takes at least three years, Gao explained. "So we'll first inject integrated assets into a share-holding enterprise our parent company owns, and then change its name to Qing-feng after the IPO. This will save one and a half years."

Qing-feng has more than 300 outlets, 262 of which are in Beijing. The company plans to increase total to 1,000 within five years. The company also plans five logistics bases in Heilongjiang, Henan, Jilin, Shaanxi and Shandong provinces. Qing-feng will also establish a baozi museum open to the public and a staff training center this year.

"Baozi is not only a kind of snack, but has its own culture. We hope more people can learn about it," Gao added.