McDonald's Corp's iconic logo has gone viral on the Chinese internet after the fast food chain restaurant changed its name to the Mandarin translation of the Golden Arches: Jin Gong Men.
According to a company statement, McDonald's China's name changed to Jin Gong Men China Ltd on 12 October, 2017. The change will remain on the license level and will not affect daily operations. Restaurants' names, food safety standards and operational procedures will remain unchanged.
The move comes after CITC Capital and Carlyle Group took over the 20-year Chinese franchise for McDonald's back in 2016 for US$2.08 billion.
The new company will become McDonald's largest franchisee outside the United States. CITIC and CITIC Capital will hold a majority 52% stake in the new company, while Carlyle Capital will hold 28% and McDonald's 20%.
The sale includes McDonald's existing businesses on the Chinese mainland－about 2,500 restaurants, and about 240 restaurants in Hong Kong.
Boosted by the new partnership, Jin Gong Men China announced a series of development initiatives termed Vision 2022, aiming to drive double-digit sales growth in each of the next five years.
The pace of new McDonald's restaurants opening in the Chinese mainland is expected to ramp up from about 250 per year in 2017 to 500 per year in 2022.