On 15 February 2014, Fosun announced in Shanghai that the fund under its management would invest RMB210.5 million in Secret Recipe, a renowned Malaysian F & B chain store group through Good Champion Holdings Limited, a subsidiary of the fund, and will become the second largest shareholder. This is also the first time Fosun invests in an overseas F & B chain store.

As the largest leisure upscale F & B chain store group in southeast Asia, Secret Recipe has rapidly obtained the patronage of worldwide diners and recognition in the industry through its wide range of quality patisserie, signature western cuisine and southeast Asian simple dishes, elegant and comfortable ambiance and high quality-price ratio since its establishment in 1997. Secret Recipe was successively awarded the “Franchise Entrepreneur Award 2010”granted by Malaysian Franchise Association (MFA) of Malaysia in 2010, the gold prize of 2011 “Global Growth Award”awarded by Malaysian Retail Chain Association of Malaysia, and its founder, Dato’ Steven Sim was awarded the Outstanding Entrepreneur by Asian Pacific Entrepreneurship Award (APEA); in the same year Secret Recipe was ranked among the Top 10 Most Delicious Restaurants in Suzhou by Dianping; and won the award of “2013 Malaysian Business of the Year” granted by Star Business Awards (SOBA) among 53 local Malaysian private companies.

At present, the group has over 300 stores in 10 countries and regions including Malaysia, China, Singapore, Indonesia, Thailand, the Philippines, Brunei, Myanmar, India and Cambodia. “Multiple Brands, Internationalization” is the main direction for the future development of Secret Recipe, among it, business in China will be an emphasis of the expansion of the group.

Secret Recipe and Darden Restaurants, Inc (NYSE：DRI, a north American multi-brand, comprehensive services and F & B company) made strategic cooperation in September last year, as the cooperation partner and major operator of Darden Restaurants in Malaysia, it operates three large brands under Darden - Red Lobster, Olive Garden and LongHorn Steakhouse. Secret Recipe has planned to open 3 restaurants under the brand Red Lobster in 2014. Not only the cooperation with Darden further expands the brand portfolio of the group, but it also enhance the publicity of Secret Recipe in North America, and this has laid a solid foundation for its entrance into the North American market. Darden Restaurants owns over 2100 restaurants, including many famous leisure F & B chain store brands such as Red Lobster, Olive Garden, LongHorn Steakhouse, The Capital Grille, Bahama Breeze, Seasons 52, etc.   Darden Restaurants, Inc is currently listed on the New York Stock Exchange with an annual revenue of USD8.5 billion.

Guo Guangchang, Chairman of Fosun was present at the contract signing ceremony. He said Fosun is very optimistic about the future development prospect of the leisure upscale F & B sector in China. Amid the broad prospect of the economic and trade cooperation between China and Malaysia, this cooperation between Fosun and Secret Recipe will create a new win-win situation towards the cooperation among privately-owned companies in China and Malaysia while further helping to strengthen the market position of the company in China.

Secret Recipe group CEO, Dato’ Steven Sim said, “The joining of Fosun into the group will present a novel scenario for the exploration of Secret Recipe in China, and it will be a monumental development milestone too. Both sides have the vision of creating the largest synergies under the cooperation model of setting up a resource platform sharing.   We believe that Fosun, as one of the largest non-state owned enterprises in China, it is our first choice for our business expansion in China.”