Zhengxin Group Denies IPO Rumors, No Clear Listing Plan Within Two Years

According to Zhengxin Group, as of June 18, 2026, the company denied recent rumors of an initial public offering (IPO), stating it has no clear listing plan within the next two years. The group maintains billions of yuan in liquid capital on its balance sheet and has historically relied on self-funded development without external financing needs.

The company also clarified its store count, correcting widespread reports of 25,000 outlets at its peak. Zhengxin said the actual operating stores peaked at 16,000 in 2019; as of June 18, 2026, it operates 12,455 stores nationwide. The confusion stems from conflating "franchise-signed" stores with "actively operating" stores. Currently, over 80 percent of existing stores are profitable.