Banu International Holding updated its prospectus on June 17 as it continues to advance its listing process on the Hong Kong Stock Exchange. CICC and CMB International are serving as joint sponsors.
Founded in 2001, Banu has become China’s largest premium hotpot brand by revenue. According to Frost & Sullivan, Banu ranked first in China’s premium hotpot market by revenue in 2025. As of June 12, Banu’s directly operated store network covered 57 cities across China, with 200 stores in total, up 132.6% from the beginning of 2023. Its expansion also accelerated each year from 2023 to 2025, with 25 new stores opened in 2023, 35 in 2024, and 44 in 2025.
The updated prospectus showed that Banu’s full-year 2025 revenue reached RMB 2.85 billion (USD 419.9 million), up 23.4% year over year, while adjusted profit reached RMB 320 million (USD 47.1 million), up 88.7%. In store operations, its same-store sales growth rate was 4.8% for the full year, while its table turnover rate reached 3.6 times per day, up about 0.4 times year-on-year.
Behind those numbers is Banu’s longstanding focus on products. The company centers its menu on signature items such as beef tripe and wild mushroom broth. Its beef tripe is prepared using papain-based tenderization technology, which uses an enzyme derived from papaya. The company has also sourced tripe from New Zealand pastures for Chinese diners. Its wild mushroom broth uses mushrooms selected from the Yunnan-Guizhou Plateau and is freshly simmered in stores every day. Through initiatives such as a monthly vegetable refresh program and year-round fresh bamboo shoot supply, Banu aims to offer a fresher, higher-quality hotpot dining experience.
