- SUIC recently announced that I.Hart Group Taiwan and MONGA(C) Fried Chicken had signed franchise authorizations in Japan and China
- The franchise authorizations are expected to grow the number of stores operated by I.Hart Group to 200 outlets in 2024 and more than 500 stores over the next five years
- The authorizations covering Shandong Province in China will see the Shandong Authorized company opening ten stores during the first year and 300 stores within the subsequent five years. Japan is another authorization which will target the greater Tokyo metropolitan area
- The new authorizations are part of SUIC’s commitment to grow its footprint in the global food market and serve more customers around the world
SUIC Worldwide Holdings (OTC: SUIC) is a company helping build tech-enabled businesses of the future by providing research and development and venture financing as well as investing in enterprises that develop products and services adopting core capabilities of the Internet of Things, cloud computing, mobile payment, big data, blockchain, and artificial intelligence. SUIC is the biggest investor, shareholder, and major operating partner of Beneway USA, a company whose wholly owned subsidiary, I.Hart Group Taiwan, is making strides in the global food industry.
I.Hart Group currently operates 150 global franchised locations in different countries under various brands and products, including MONGA(C) Taiwan-style Fried Chicken, flower tea drinks, dumplings, cloud kitchen management, AI smart machines, and more. As of February 2024, I.Hart Group had a total of 90 MONGA(C) Fried Chicken stores and outlets in 10 countries (https://ibn.fm/j1bJ4), but this number is set to grow following recent developments.
SUIC recently announced that I.Hart Group and MONGA(C) Fried Chicken had signed franchise authorizations in Japan and China, which are expected to expand significantly the presence of both companies by growing the number of I.Hart Group’s MONGA(C) Fried Chicken outlets initially to 95, across 11 countries (https://ibn.fm/6Fqe5).
The authorizations in China cover 16 cities across Shandong, China’s second-largest province, with a population of more than 100 million. According to SUIC, the Shandong Authorized company has committed to opening ten stores during the first year and 300 stores within the subsequent five years. To make this ambitious goal a reality, I.Hart Group and the Shandong Authorized company, in conjunction with at least 50 or more franchise owners every year, will work together to operate MONGA(C) Fried Chicken stores in various locations within the province.
Additionally, the signed franchise authorizations in Japan cover the expansive city of Tokyo and its surrounding satellite cities, home to more than 38 million people. The authorizations aim to tap into the region’s status as the world’s largest metropolitan area, representing a potentially large market for the stores. Moreover, the Greater Tokyo metropolitan area’s GDP is second only to the New York metropolitan area, signaling the health of the city’s economy and, by extension, the ability of its populace to buy consumer goods like the food offered at the MONGA(C) Fried Chicken outlets.
“We dedicate our team and resources to the success and expansion of our franchise development efforts and global transformation journey. We will continue to increase this momentum in 2024 and find opportunities in serving more customers around the world, growing our footprint in the global food market by tenfold,” commented Hank Wang, SUIC CEO.
According to the company, the new franchise authorizations will lead to the opening of new franchises, increasing the number of stores operated by I.Hart Group to 200 outlets in 2024 and more than 500 stores over the next five years.
For more information, visit the company’s website at www.SinoUnitedCo.com.
NOTE TO INVESTORS: The latest news and updates relating to SUIC are available in the company’s newsroom at https://ibn.fm/SUIC
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