Chinese fast-food chain Wing recently became a top trending topic online, following its last-minute advertising placement in the final episodes of actress Yang Zi's new television series, "Family Business." The brand's official social media account swiftly responded by launching a promotional giveaway, which garnered significant attention.
The catalyst for the event was Wing securing the remaining advertising slots in the series' concluding episodes, ensuring that all 42 installments featured brand integrations. This move was interpreted by Yang Zi's fans as a supportive gesture, leading to spontaneous online celebrations and calls to patronize Wing's outlets in a show of support for the actress.
Wing is a domestic Western-style fast-food brand known for its low-price positioning and partnership-based expansion model, which fueled its rapid nationwide growth. By 2024, its store count had briefly exceeded 20,000, a figure comparable to the combined total of major international competitors like KFC and McDonald's during the same period.
The company was listed on the National Equities Exchange and Quotations (NEEQ) in 2016. However, over its decade on the board, it raised only 10 million yuan through the market, providing minimal substantive support for store expansion and business development. On February 12 this year, Wing terminated its listing on the NEEQ.
The company stated that the delisting was aimed at enhancing operational decision-making efficiency and reducing costs. Behind this move, however, lies a performance bottleneck. Data shows that while Wing's total revenue has grown steadily, its growth rate has decelerated significantly, from 61.64% in 2021 to 13.31% in 2024. In the first half of 2025, revenue even contracted slightly by 0.49% year-on-year to 4.625 billion yuan.
Market observers suggest that Wing's core competitive advantage of low prices is facing challenges from established giants like KFC and McDonald's, as well as from emerging competitors like Tastien. Furthermore, recurring food safety issues stemming from its rapid expansion continue to erode consumer trust in the brand.
Gaining Traction from a Drama Sponsorship
Yang Zi's new series "Family Business" premiered on May 18, quickly topping viewership charts. As the series neared its conclusion in early June, Wing secured mid-roll advertisement slots in the final three episodes. This ensured the drama achieved "full brand coverage," with over 50 sponsoring brands featured across all episodes.
Fans perceived Wing's sponsorship as timely support, leading to a wave of positive social media sentiment and real-world actions like posting purchase receipts and organizing giveaways. The related hashtag #FamilyBusinessWing quickly became a top trending topic. Wing's official account capitalized on the momentum by launching a giveaway for its new product, amassing over 131,000 likes on the promotional post.
Some media analysis posits that among the dozens of sponsors, Wing resonated most because its appearance in the drama felt less like a forced product placement and more relatable to viewers, creating a unique connection.
From Humble Beginnings to Rapid Expansion
The Wing story began in the spring of 2001. As international fast-food chains like KFC and McDonald's aggressively expanded in China, brothers Hua Huaiqing and Hua Huaiyu, from a rural background in Cangnan, Wenzhou, spotted a business opportunity.
They opened their first Western-style fast-food restaurant near a university in Fuzhou in January 2001, naming it "Wing." Initially modeling itself entirely on KFC, the store struggled due to prices misaligned with local spending power. A strategic pivot in August that year to a "Special Price 123" promotion (1 yuan for cola, 2 yuan for a chicken leg, 3 yuan for a burger) proved successful, doubling store turnover and firmly establishing Wing's "low-price" identity.
After solidifying this low-cost strategy, Wing developed a partnership-based expansion model centered on "store crowdfunding, employee partnership, and direct management." This model aligned employee interests with company growth. By 2013, Wing had over 4,800 stores nationwide and was recognized as one of Asia's largest fast-food chains. In 2016, its operating entity, Fujian Wall's Food Co., Ltd., successfully listed on the NEEQ.
Post-listing, Wing experienced rapid growth. From 2019 to 2022, it cumulatively opened 14,710 new stores. By late June 2024, its store count had reached 20,356.
Recent Financial Performance and Delisting
However, this expansion trajectory has not been sustained. Recent data indicates Wing's store count has decreased by 914 stores compared to mid-2024.
This contraction coincides with a performance plateau. From 2021 to 2024, while annual revenue increased from 5.745 billion yuan to 9.993 billion yuan, the year-on-year growth rate plummeted from 66.44% to 13.31%. Profitability has also been inconsistent, with net profit attributable to shareholders experiencing volatility.
In the first half of 2025, revenue declined slightly by 0.49% to 4.625 billion yuan, although net profit grew by 35.32% to 122 million yuan. Sales and financial expenses decreased, while management expenses rose due to organizational restructuring.
Concurrently, the company's debt burden has increased significantly. As of the first half of 2025, total liabilities reached 2.108 billion yuan, an 82.16% year-on-year increase, pushing the asset-liability ratio to 73.73%. Accounts payable and notes payable surged by 97.44% to 1.735 billion yuan.
Following its announcement in January to apply for delisting and a subsequent trading halt, Wing's shares were officially delisted from the NEEQ on February 12. The company reiterated that the move was for operational efficiency and cost reduction. Some analysts noted that the minimal 10 million yuan raised during its decade on the NEEQ provided little practical benefit, while listing incurred significant compliance and disclosure costs, making continued listing less meaningful.
Mounting Competitive and Operational Challenges
The challenges behind Wing's slowing revenue growth and delisting are rooted in an increasingly competitive lower-tier market. In 2024, Yum China, KFC's parent company, indicated a strategic focus on filling market gaps, including exploring opportunities in lower-tier cities with a "town mini-store" model for KFC. By the end of 2024, KFC had over 11,600 stores in more than 2,200 Chinese towns.
Meanwhile, promotional activities from McDonald's and Burger King are squeezing Wing's market space. Competitor Tastien, focusing on "Chinese burgers" with hand-rolled baked buns and a franchise model, is rapidly expanding, with its store count now exceeding 12,500 and narrowing the gap with Wing.
Furthermore, food safety remains a persistent and damaging issue for Wing. Incidents like unsanitary kitchen conditions in a Wuhan store last March have been reported. On consumer complaint platforms, Wing has accumulated thousands of complaints related to issues like food poisoning and undercooked meals, leading to a negative online reputation among some consumers.
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