Zhengxin Group on June 29 denied listing rumors, saying it has no definitive IPO
plan within the next two years. The group said it typically holds several
billion yuan of liquid funds and has financed expansion from internal cash flow,
so it does not need external financing. On store counts, the company said the
widely-cited 25,000 figure mixes signed franchises with operating outlets; peak
actual operating stores were about 16,000 in 2019 and, as of June 18, 2026,
nationwide operating outlets stood at 12,455, a net decline of roughly 3,000
attributed to normal churn and active network optimization.
