2026.02.09
On November 10, 2025, CPE Yuanfeng announced a strategic partnership with the Burger King brand, which is wholly owned by Restaurant Brands International (RBI). CPE Yuanfeng and RBI announced the establishment of the joint venture, 'Burger King China'. Upon completion of the transaction, CPE Yuanfeng will hold approximately 83% of the controlling shares in Burger King China, while RBI will retain about 17% of the shares. This partnership marks the next phase of Burger King's growth in the Chinese market. CPE Yuanfeng will inject capital into Burger King China to support the expansion of its restaurant, marketing, menu and operational capabilities, seizing the on-going opportunities in China, the world's fastest-growing consumer market. JunHe acted as CPE Yuanfeng's legal advisor in China and provided comprehensive and in-depth legal services for this transaction. They fully supported the client in successfully completing the deal.
As an asset management institution based in China with a global perspective, CPE Yuanfeng focuses on value creation. With deep industry insight and a broad resource network, CPE Yuanfeng promotes the integration of capital and industry, supporting leading companies to achieve sustainable performance growth. CPE Yuanfeng has a strong industry focus, continuously investing in long-term, high-potential sectors. Since its inception, CPE Yuanfeng has been deeply involved in the chain consumer services sector, with cumulative investments of approximately RMB 10 billion in related fields. They have invested in many industry-leading companies such as Mixue Bingcheng, Aier Eye Hospital, Lao Pu Gold, Pop Mart, Beauty Farm, Yonghe Hair Transplant, and Si Yu Hair Care.
Restaurant Brands International (RBI) is one of the world's largest quick-service restaurant groups, with annual system-wide sales exceeding US$ 45 billion. It has over 32,000 restaurants in more than 120 countries and regions. RBI owns four globally renowned and iconic quick-service restaurant brands: TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their customers, franchisees, and communities for many decades. Through its 'Restaurant Brands for Good' framework, RBI is improving sustainability outcomes related to food, people, communities and the planet.
In this project, JunHe served as CPE Yuanfeng's legal advisor in China, and was primarily responsible for conducting legal due diligence on Burger King China's domestic subsidiaries and stores in China. JunHe reviewed the transaction documents related to Chinese law and assets, conducted antitrust filings, and assisted with the closing.
The complexities and challenges of this project include:
（1）The acquisition involved numerous stores and a significant transaction amount, requiring assistance in resolving various historical issues related to the target business.
（2）The legal issues involved in this project were complex and diverse, requiring comprehensive consideration of the regulatory requirements in domestic and foreign jurisdictions. JunHe leveraged its teamwork and professional advantages to provide timely professional legal support to ensure the smooth progress of the transaction.
（3）The antitrust filing process involved multiple considerations across different products and geographic markets. JunHe showcased its excellent professional capabilities and communication skills to demonstrate to the regulatory authorities, using various data and methods, that the project would not raise competition concerns.
（4）In spite of a very tight schedule, JunHe fully assisted the client in managing the project's timeline and coordinated communication among all the parties, ultimately successfully completing the project.
JunHe is committed to providing professional, practical and efficient legal services to its clients. This renewed collaboration with CPE Yuanfeng is a testament to its continued recognition of JunHe's excellent service quality over the years, further solidifying JunHe's leading position in the field of consumer mergers and acquisitions.
The lead partners for this project were XIE, Zheng and LU, Xiaonan. The antitrust lead partner was WEI, Yingling and the main handling partner was DONG, Zhe.
