Founded in 2001, the premium hotpot brand Banu, from Mainland China, has opened its first store in Hong Kong.
Banu operates more than 200 locations across the Mainland, with the Hong Kong opening marking its first foray into a new geography. Opening at Hysan Place in Causeway Bay in mid-November, the store marks the beginning of a planned global expansion.
Banu has been rated as China’s largest revenue-generating brand in the premium hotpot segment, recently climbing to second place in the country’s overall hotpot market rankings. Last year, it saw its profits surge by 88.7 per cent year-on-year, while opening 44 stores.
Ahead of the Hong Kong opening, Banu said: “Renowned globally as a culinary capital, Hong Kong boasts a mature catering sector with rigorous requirements for standardisation, ingredient curation and quality. Its hotpot market is clearly segmented: Budget brands compete for foot traffic and value-for-money experience, while high-end restaurants lean heavily on luxury seafood. Yet there remains an untapped niche for boutique hotpot that blends authentic Sichuan flavours, meticulous ingredient craftsmanship and a refined premium dining experience.”
Banu said it is seeking an initial public offering (IPO) in Hong Kong to aid its global expansion. At present, themed restaurants such as Banu account for one-third of Hong Kong’s hotpot market.
