If Xibei fails to go public, it may have to compensate several billion.

It's not just Jia Guolong who is bearing the burden; the entire company is at risk of being hollowed out.
Do you think he just wants to go public for the glory? Behind it is a betting agreement that is suffocating. Big institutions like Sequoia and Hillhouse invested money not to be altruistic, but to seek returns.
Are pre-made dishes feasible? Consumers are not buying it. The "Jia Guolong Kung Fu Cuisine" that was pushed at a high price is considered ridiculously expensive by some, and it destroys the old taste of "freshly stir-fried and freshly eaten." Closing a few stores indicates a lack of confidence.
Want to switch to Hong Kong stocks, is it too strict? Indeed, it's very difficult for restaurants to go public—profits have to be stable, safety has to be solid, and there must be many stores. But the Hong Kong stock market is not a paradise either; investors pay more attention to real capabilities.
Lao Xiang Ji is rising, Hai Di Lao is sinking, Xi Bei is caught in the middle, the features are not distinct, the prices can't go up, how much longer can capital wait?
Many people say "support domestic products", but when it comes to the checkout, who is willing to spend an extra fifty bucks for a name?
A brand cannot survive solely on sentiment; it must rely on its model, its profits, and the reputation built over time.
Xibei is not running for an IPO now, but for survival.
If you win the bet, you are the godfather of the catering industry; if you lose the bet, you might not even be able to keep your original business. $OP
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