"Pickle King" Clears Out Ji Xiang Ju, "Takeover Tycoon" Spends 1.68 Billion for What?

Source | Ye Ma Finance

Author | Sun Mengyuan

Five years of going public without success—can they finally realize their dream this time?

Tianyancha business information shows that recently, Jixiangju Food Co., Ltd. underwent a change in business registration. Founder Ding Wenjun stepped down as legal representative, chairman, and general manager. Xu Chen and others took over as legal representatives, and Zhou Zhiyi became chairman. Meanwhile, original shareholders Ding Wenjun, Sichuan Qihui Da Technology Co., Ltd., and others exited. The company’s type has also been changed from “joint-stock company” to “limited liability company.”

Image source: Tianyancha

In January this year, the Chongqing Market Supervision Administration website announced that Fangyuan Capital would acquire a 92% stake in Jixiangju through its wholly owned subsidiary “Chuanxiang Siyi” for 1.68 billion yuan. At that time, Jixiangju founder Ding Wenjun told “Cover News” that due to confidentiality agreements, details could not be disclosed, but this was a positive development for the pickled vegetable industry in Sichuan and Chongqing.

This business registration change also marks that the aforementioned acquisition has entered the implementation stage.

Lin Xianping, associate professor at Zhejiang University City College, believes that after Fangyuan Capital takes control of Jixiangju, it may promote brand upgrading, channel expansion, and industry chain integration, while balancing modernization with the basic market. Fangyuan Capital’s 1.68 billion yuan purchase of a 92% stake reflects its confidence in Jixiangju’s leading position, channel scarcity, governance foundation, and industry potential, aiming to unlock value through operational optimization and achieve capital appreciation.

Grassroots Rise to the “King of Pickled Vegetables”

With the completion of the business registration change, founder Ding Wenjun has fully exited. This Sichuan flavor leader, which has been deeply involved in the pickled vegetable industry for over 20 years, is officially bidding farewell to its founding era.

Jixiangju was established in December 2000 with a registered capital of 360 million yuan. Its main business includes food production, sales, and online sales. The company type has now been changed from a joint-stock company to other limited liability companies, with shares held jointly by Chuanxiang Siyi (Shanghai) Food Co., Ltd., Meishan Future Lane Technology Partnership (Limited Partnership), and Meishan Jirui Enterprise Management Partnership (Limited Partnership).

At age 17, he rode a bicycle back and forth between Meizhou and Chengdu selling vegetables. Later, he used a tractor to transport vegetables, becoming one of the first “ten-thousand-yuan households” in his village. In the 1990s, with a food processing factory in Guizhou, he returned to his hometown and witnessed farmers struggling to sell vegetables. He resolutely entered the pickled vegetable industry and invested all his savings of 1.5 million yuan to build a factory.

In 2000, Jixiangju Food Co., Ltd. was born. Amid a landscape of numerous local pickled vegetable factories in Meishan, Ding Wenjun took a different approach. He adopted a “vegetable base + cooperative” model, ensuring raw material procurement at protected prices, and gradually built vegetable planting bases in Emei Mountain, Wawu Mountain, and other areas.

Under Ding Wenjun’s leadership, Jixiangju gradually established its industry position: in 2011, it drafted the domestic standard for pickled vegetables; in 2013, it was approved to establish a postdoctoral innovation practice base and the National Pickled Vegetable Processing Technology Research Center. Ding Wenjun was also elected president of the Sichuan Pickled Vegetable Association and participated in formulating the international standard for “Pickled Vegetables,” making the company an “invisible champion” in its niche.

After more than 20 years of development, Jixiangju has grown into a modern food enterprise integrating R&D, production, and sales. It owns three core brands: “Jixiangju,” “Chuan Zhi Mei,” and “Bao Xia Fan.” Its products, such as pickled vegetables and spicy oil green beans, are popular domestically and exported to over 20 countries worldwide, firmly leading in the pickled and rice accompaniment segments.

Data shows that Jixiangju holds a leading position in the pickled and fermented vegetables segment. According to third-party agency “Ma Shang Ying Intelligence,” in Q3 2025, its sales in the pickled vegetables category ranked second in the industry, just behind Fuling Zhacai. Additionally, a November 2024 market position certification from iiMedia Research awarded Jixiangju the title of “Nationwide Top Seller of Rice-Complement Pickled Vegetables,” with its brand “Bao Xia Fan” recognized as “Top Online Sales of Rice-Seasoning Paste for 5 Consecutive Years.”

Who is the new owner?

If Jixiangju is a grassroots “pickled vegetable king,” then Fangyuan Capital, which is taking over, is one of the top players in the consumer sector known for “buying, restructuring, elevating, and selling.”

Their official website states that Fangyuan Capital is a leading independent private equity investment firm in Asia, focused on investing in industries benefiting from the growing middle class, expanding domestic consumption, and more specialized industrialization trends in the region. With cycle-crossing investment experience, deep industry knowledge, and operational expertise, they help companies transform and realize their full potential.

In the investment market, Fangyuan Capital is known for its “precise targeting.” Led by a team formerly from Temasek Holdings, Singapore’s sovereign wealth fund, it boasts strong financial resources, broad investment vision, and extensive industry connections.

Public information shows that Fangyuan Capital mainly invests in consumer, media and technology, healthcare, industrial, and financial services sectors. Its deep involvement in consumer internet is evident, with investments in leading companies such as CFB Group, Focus Media, Meituan-Dianping, Zhaopin, Maoyan Entertainment, BaiXing Pharmacy, and Landi Pharmaceuticals.

Image source: company website

One of Fangyuan Capital’s most notable investments is the acquisition and strategic restructuring of the parent company of the outdoor high-end brand Arc’teryx—Amer Sports (AS.US). In 2019, Fangyuan Capital, together with Anta Sports, Tencent, and Lululemon founder Chip Wilson, formed a consortium that paid about 36 billion RMB (4.6 billion euros) to acquire the company. Fangyuan Capital contributed approximately 21.40%, with a cost of about $980 million (roughly 7 billion RMB at the time).

Post-acquisition, Fangyuan Capital was deeply involved in governance and strategic restructuring, promoting global expansion. In 2024, Amer Sports successfully listed on the New York Stock Exchange. Shortly after, Fangyuan Capital began to reduce its holdings, cashing out three times (about 6.6 billion RMB in 2021, 1.88 billion RMB from IPO in 2023, and about 9.34 billion RMB in 2025). Over several years, the total cash return from this investment has reached approximately 17.82 billion RMB, more than 2.5 times the initial investment.

Image source: Canned图库

It’s worth noting that after reducing its stake, Fangyuan Capital still holds about 6.2% of Amer Sports. Based on the March 18, 2026, closing price of $33.66 per share, this remaining stake is valued at approximately $1.207 billion (about 8.3 billion RMB).

Another well-known domestic investment is the acquisition of CFB (China Food & Beverage Group), which holds franchise rights for two major international brands—DQ and Papa John’s—in Greater China. It also operates Western-fusion restaurants Brut Eatery and Chinese noodle shop Jinya Ju.

In 2022, Fangyuan Capital acquired control of CFB from Swedish private equity giant EQT AB for about $160 million (roughly 1 billion RMB). By the end of 2025, DQ’s store count in China (mainly in the southern region operated by CFB) exceeded 1,800, making it a “dairy queen” in China. In early 2026, Fangyuan Capital was reported to plan to sell CFB at a valuation of $500 million (about 3.5 billion RMB), earning at least 2.5 billion RMB profit from this buy-sell operation.

Can the IPO dream of “sticking to the goal” be realized?

Jixiangju has deep ties with Qianhe Weiye (603027.SH), and the two are essentially “born of the same root.”

According to Qianhe Weiye’s prospectus, when Jixiangju was founded in 2000, Ding Wenjun and Li Wenxue held 30% and 20% of the shares respectively. The actual controllers of Qianhe Weiye—Wu Chaoqun, Wu Xueming, and Wu Chaoyuan—each held 17%, 17%, and 16%.

In 2011, the Wu brothers transferred all their shares in Jixiangju, ending their relationship. Wu Chaoyuan transferred 16% to Ding Wenjun, and Li Wenxue transferred 5% to Ding Wenjun. The combined 49% stake held by Wu Chaoqun, Wu Xueming, and Li Wenxue was sold to Korea’s CJ CheilJedang Corporation (CJ CheilJedang), for about 31.89 million RMB, ending the connection between Qianhe Weiye and Jixiangju.

The prospectus also disclosed that in 2010, before the transfer, Jixiangju’s revenue was 1.23 billion RMB, with a net profit of 24.52 million RMB.

As revenue continued to grow, in 2016, CJ CheilJedang increased its stake to 60%, with a total purchase price of 385 billion KRW (about 1.82 billion RMB).

Seven years later, in July 2023, South Korea’s “Asia Daily” reported that CJ CheilJedang sold all its shares in Jixiangju for about 3 trillion KRW (roughly 16.8 billion RMB), to Sequoia Capital, Tencent Investment, and Jixiangju’s management team. After the transaction, founder Ding Wenjun became the actual controller again, holding about 31.24%. Sequoia Capital, through HSG, held 23%, making it the second-largest shareholder, while Tencent held about 8.43%. CJ CheilJedang stated that the proceeds would be used to focus on Korean food brands like Bibigo in China.

One fact remains: Jixiangju’s sales are not low, yet it has been overlooked by the capital market. When CJ CheilJedang exited, it disclosed that in 2022, Jixiangju’s sales reached about 2,091 billion KRW (roughly 9.89 billion RMB).

Image source: Canned图库

According to the data from CJ CheilJedang at exit, Jixiangju’s 2022 sales were about 2,091 billion KRW. However, compared to competitors in the Sichuan flavor condiment segment, its capitalization process has lagged.

On March 7, 2016, Qianhe Weiye successfully listed on the Shanghai Stock Exchange; on April 16, 2019, Tianwei Food (603317.SH) followed suit, also listed on the SSE, and plans to list on HKEX by 2025. In contrast, the IPO journey of Jixiangju, one of the “Three Giants of Sichuan Flavor,” has been more bumpy.

Jixiangju’s IPO marathon began in October 2020, when it signed a counseling agreement for listing on the ChiNext. In February 2021, it changed its sponsor to Minsheng Securities. However, five years and 19 submission attempts later, it still has not entered the capital market. According to the latest progress report from Minsheng Securities in January 2026, issues such as shareholder changes, management adjustments, unconfirmed fundraising projects, and internal financial controls remain unresolved, leaving its listing prospects uncertain.

Meanwhile, Jixiangju faces significant challenges.

According to the “2025 Food Category Trends Report” by third-party agency “Ma Shang Ying Intelligence,” the growth of the condiment market has slowed significantly, with overall sales growth near zero in 2025. Subcategories like pickled vegetables and Chinese-style sauces have seen sales decline by nearly 5% or more. The report attributes this mainly to the “Three Reductions and Three Health” trend—consumers shifting toward low-salt, low-sodium products, which directly impacts traditional high-salt pickled vegetables.

Industry competition is intensifying. In 2024, competitor Tianwei Food issued a notice banning its distributors from selling similar products of Jixiangju’s “Haorenjia” recipe series, a move interpreted as a “one or the other” channel strategy.

Fujian Huace Brand Positioning Consulting founder Zhan Junhao told “Blue Whale News” that Jixiangju’s product lines overlap with Tianwei Food, especially in the complex recipe condiments segment. The ban aims to ensure distributors focus on Tianwei’s own products and prevent potential market share erosion by Jixiangju.

Lawyer Fu Jian, director of Henan Zejin Law Firm, analyzed that in the future, Jixiangju may focus more on high-end branding, product innovation, and channel optimization, accelerating nationwide expansion and even exploring international markets. However, given the fierce competition in the condiment industry, Jixiangju needs to balance its traditional strengths with reform pace to avoid losing its core mass market.

He further pointed out that as a leading player in a niche segment, Jixiangju could rapidly consolidate resources through capital injection, increasing market share. The current dominant shareholding structure formed after Fangyuan Capital’s stake could significantly reduce internal decision-making conflicts and clear key regulatory hurdles for its IPO.

Have you tried Jixiangju’s “National Favorite Rice-Meal Dish”? Do you think Fangyuan Capital’s takeover can help Jixiangju realize its IPO dream? Leave your comments below!