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It can be said that Yuanji Foods’ Hong Kong listing is a comprehensive stress test of the resilience of its business model. As the undisputed leader in the dumpling-and-wonton segment, the company’s scale advantage, category positioning, and asset-light expansion model offer strong development potential. If the funds raised through the listing can be effectively invested in digital quality control, supply-chain upgrades, and overseas expansion, the company is expected to ease franchise-management challenges and improve operating efficiency—while also leveraging the brand endorsement of the capital markets to mitigate the “pseudo-made-to-order” controversy and solidify its position in the industry.