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SHANGHAI, Nov 2 (Reuters) - Chinese fast-food chain Chamate said it is considering an initial public offering in the United States, as it aims to boost revenues 52 percent a year.
Chamate also plans to increase the number of its outlets five-fold to 250 by 2011, from about 50 now, which would help propel sales, Chief Financial Officer Joseph Chan said in an interview late on Thursday.
“We would prefer to list in the United States, where investors are more familiar with our business model,” Chan said.
Chamate had yet to hire underwriters for the IPO, Chan said, declining to provide a size or timetable for a possible listing.
Chamate, which counts Taiwan food giant Ting Hsin International Group and several venture capital firms among its shareholders, is targeting China’s growing middle class that is expected to double to 300 million people in 2010.
Chamate is among a growing number of companies serving Chinese-style fast food in China’s 200 billion yuan (26.8 billion) market, where the biggest players are U.S. companies such as McDonald’s (MCD.N) and Yum! Brands Inc (YUM.N), which owns KFC and Pizza Hut.
Applebee’s International Inc APPB.O, the world’s biggest casual dining chain, opened its first restaurant in China last month.