The businesses include the operation and management of McDonald’s restaurants in mainland China, Hong Kong and Macau. Credit: Lewis Tse/ Shutterstock. 

CITIC’s wholly-owned subsidiary has agreed to sell its 19.23% equity interests in Fast Food Holdings (FFHL) to Trustar Fast Food Holdings. 

The $430.3m deal includes the assignment of outstanding shareholder loans of FFHL amounting to almost $74m. 

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CITIC will relinquish its indirect stake in FFHL, which directly owns a 52% share in Grand Foods Holdings (GFHL). GFHL is the parent company of McDonald’s businesses in mainland China and Hong Kong. 

The businesses include the operation and management of McDonald’s restaurants in mainland China, Hong Kong and Macau. 

In 2017, CITIC, along with CITIC Capital (now Trustar) and Carlyle, acquired a majority stake in McDonald’s China and Hong Kong operations for $2.1bn. McDonald’s increased its stake to 48% in 2023 by purchasing Carlyle’s 28% share, valuing the business at $6bn, as reported by Reuters. 

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The sale is a continuation of CITIC’s portfolio adjustments, as detailed in the company’s announcements in January and August 2017 regarding the acquisition of a controlling interest in McDonald’s China and Hong Kong businesses, and the voluntary announcement made in March 2020 concerning the disposal of this controlling interest and related shareholder loans.  

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The disposal is based on the business development strategy of CITIC Group and provides it with good investment returns. 

CITIC’s press release stated that the transaction is not expected to have any impact on its operations or financial standing. 

In early 2024, McDonald’s China partnered with Cainiao, the logistics company of the Alibaba Group, to enhance supply chain efficiency.