China's Shrinking 'Chicken King' Reportedly Eyeing Hong Kong IPO

Zhengxin Food, China's largest homegrown fried chicken chain, is reportedly planning a $300 million Hong Kong IPO despite significant contraction. The company's store count has plummeted 60% from 25,000 in 2021 to 9,545 currently, though management frames this as intentional 'rightsizing' and claims over 12,000 global stores including expansion plans. The company faces intensifying competition from larger rivals like Mixue and Haidilao while dealing with food safety concerns and franchisee complaints.