Yum China Holdings, a fast-food restaurant company, is looking to enter Thailand's 5-billion-baht hotpot market.
Isa Jiang, senior specialist for the company's franchise development, said it's interested in expanding the business into Thailand, seeking local partners to open Little Sheep Hot Pot, a Mongolian-style hotpot chain.
"The food and beverage industry in Thailand is one of the most developed markets in the world," she said. "Thailand also has a rich history of hotpots, as well as food culture."
Yum China Holdings is one of the largest restaurant companies in China, and the company opened 76 Little Sheep Hot Pot restaurants worldwide last year: 66 in China and 10 in Cambodia, Canada, Japan, Singapore and Mongolia.
Of the 76 restaurants, 70 were franchises and six were equity stores.
The initial franchise fee for one store is US$50,000 (1.59 million baht) for 10 years. The investment gives franchisees rent, decor, equipment, furniture and other necessities to open a store, estimated at $500,000.
Investment will vary in each country, depending on local prices. Since its founding in Inner Mongolia in 1999, the Little Sheep hotpot chain has gone international.
The restaurant has 300 locations in 130 cities, including Shanghai, Hong Kong, Tokyo, New York, Phnom Penh, Toronto and Singapore.
"Mala, or Sichuan hot chillies, is growing in popularity with Thais, and we believe that Little Sheep will fit well with Thai tastes," said Sethaphong Phadungpisuth, managing director of Gnosis, an advisory firm for business matching.
Gnosis will host a business matching event in Thailand on May 25, with Ms Jiang also scheduled to attend.
Apart from Thailand, the company is also looking to expand with restaurants in other countries.
"Southeast Asia and the US have the highest projections for expansion this year," Ms Jiang said. "We are focusing on Malaysia, the Philippines and Indonesia. Shabu restaurants are quite popular in Thailand, but we are confident in our key product's characteristics, especially our meat and broth."
Thailand's shabu/hotpot market is estimated to be worth at least 5 billion baht, with Shabushi under Oishi Group the market leader.
