Private-equity firms are looking to satisfy the appetites of China＊s growing middle class as the economy slows and high-end restaurants lose favor following recent government curbs on lavish spending by officials.

随着中国经济增长放缓，以及最近政府打击豪华公务宴请的行动造成高档饭店失宠，私募股权投资公司目前正在寻求满足中国日益壮大的中产阶级的胃口。

Five years ago these firms were piling into China＊s luxury retail sectors, including dining. But more recently they have begun to shun high-end restaurants in favor of such names as Dairy Queen and Chinese hot-pot chain Xiabu Xiabu, reflecting a desire to offer Chinese consumers more affordable menus and capture strong growth in fast-food sales.

五年前，这些公司纷纷投资中国的奢侈品零售业，包括高档餐饮业。但最近，它们开始避开高档饭店，青睐起冰雪皇后(Dairy Queen)和中国火锅连锁店呷哺呷哺等品牌，这反映出它们希望向中国消费者提供更经济实惠的菜单，把握住快餐销售强劲增长的机遇。

The curb on officials using public funds on expensive banquets, announced in December, has made investing in upscale restaurants in China ※especially risky in the short run,§ said William Liang, director of European firm EQT Partners.

欧洲公司殷拓集团(EQT Partners)董事梁伟(William Liang)说，去年12月中国政府公布了限制高档公务宴请的措施，这使得投资中国的高档饭店短期内尤其有风险。

※Private-equity investors in high-end restaurants are now trying to reposition their restaurants to target mass-market customers, either by acquiring smaller midmarket businesses or by downsizing and reformatting their existing stores,§ Mr. Liang said.

梁伟说，投资高档饭店的私募股权公司目前正在试图使它们投资的饭店重新定位，针对大众市场顾客，方法或是收购中端市场中的较小企业，或是将现有门店缩小规模和调整形式。

Fast-food and midrange restaurants, on the other hand, offer strong growth prospects. Fast-food sales have surged in recent years, reaching $106 billion last year from $47 billion in 2007, according to Euromonitor.

另一方面，快餐和中档饭店可以提供强劲的增长前景。据欧睿信息咨询公司(Euromonitor)的数据，近年来快餐销售大幅增长，从2007年的470亿美元增至去年的1,060亿美元。

This has attracted the attention of investors. EQT Partners, for example, is considering buying a minority stake in RCS Group Co., which owns franchise rights for Dairy Queen and Papa John＊s Pizza in some provinces in China, from Warburg Pincus LLC, a person with knowledge of the matter said late last month. The likely size of the deal was unclear.

这吸引了投资者的注意。举例而言，据一位知情人士上个月底说，殷拓集团正在考虑从华平创业投资有限公司(Warburg Pincus LLC)手中收购RCS Group Co.的少数股权。该交易的可能规模不得而知。RCS拥有冰雪皇后和棒！约翰(Papa John's Pizza)在中国部分省份的特许经营权。

Also, U.S. private-equity firm General Atlantic bought Actis Capital＊s majority stake in Xiabu Xiabu in December for an undisclosed amount.

此外，去年12月，美国私募股权公司泛大西洋资本(General Atlantic)从英联投资(Actis Capital)手中收购了呷哺呷哺的多数股权，交易规模没有披露。

※There＊s only one KFC for every 328,000 people in China, compared to one for every 67,000 people in the U.S.,§ said Chris Tay, chief executive of Shanghai-based restaurant chain YPX Cayman Holdings Co., which is backed by private-equity firms including Qiming Venture Partners. ※China is the only country where you can still invest in a chain store as if it were an Internet company.§

总部位于上海的餐饮连锁企业心品印象(YPX Cayman Holdings Co.)首席执行长郑志晖(Chris Tay)说，中国每328,000人只有一家肯德基(KFC)，而美国每67,000人就有一家肯德基。该公司由包括启明创投(Qiming Venture Partners)在内的多家私募股权公司支持。郑志晖说，中国是唯一一个投资者仍能像投资互联网公司一样投资连锁店的国家。

Rising share prices of companies targeting the middle of the market are surely adding to the attraction. Private-equity firms Capital Today and Prax Capital paid around $20 million for a combined 5.1% stake in Tsui Wah Holdings Ltd., operator of a leading chain of midrange Cantonese restaurants, during its initial public offering in November. The stock has soared 65.2% since its listing. Capital Today and Prax Capital currently hold a combined stake of around 5.4%.

瞄准中端市场的公司股价上涨肯定也增加了此类公司的吸引力。私募股权投资公司今日资本集团(Capital Today)和普凯投资基金(Prax Capital)在去年11月份翠华控股有限公司(Tsui Wah Holdings Ltd.)进行首次公开募股(IPO)时，共同出资约2,000万美元购进该公司5.1%的股权。该股自上市以来已累计上涨65.2%。今日资本集团和普凯投资基金目前共同持有翠华控股约5.4%的股权。翠华控股一个领先的中端连锁广式餐厅的运营商。

The sweet spot in China＊s restaurant market appears to be offering meals for 30 yuan to 120 yuan ($4.90 to $19.59) a person, said Miranda Tang, managing director at CLSA Capital Partners. ※Even through economic cycles, demand at this range is less elastic and restaurants can gain market share more easily,§ she said.

里昂证券亚太恒富资本(CLSA Capital Partners)董事总经理邓嘉仪(Miranda Tang)说，中国餐饮市场最赚钱的似乎是人均消费在人民币30-120元之间的餐馆，即便在不同的经济周期中，这个消费区间的餐饮需求都不会有太大波动，这类餐馆也能更轻松的获得市场占有率。

CLSA Capital Partners got into the game of catering to the middle class early with a 2004 investment in a catering company that it sold in 2007 for an undisclosed profit.

里昂证券亚太恒富资本很早就参与了迎合中产阶级餐饮需求的投资。2004年该公司投资了一家这样的公司，之后在2007年出售了这部分股权，出售所得未予披露。

Investments in higher-end restaurants appear less appealing. On the Shenzhen stock exchange, for example, shares in Beijing Xiangeqiang Co. Ltd., a chain that serves Guangdong, Hunan and Hebei cuisines, have fallen 24% this year. The Shenzen benchmark has lost 14% during the same period.

投资高端餐馆的吸引力似乎没那么大了。比如，在深圳证交所上市的北京湘鄂情股份有限公司(Beijing Xiangeqing Co, 简称：湘鄂情)的股价今年已累计下跌24%，同期深圳证交所基准股指则累计下跌14%。该公司是一家经营广东、湖南和河北特色菜的连锁品牌。

Shares of Shenzhen-listed China Quanjude (Group) Co., which operates a chain of restaurants specializing in Beijing duck, are down 5.6% this year. China Quanjude said in April that it expects an up to 40% drop in net profit for the first half of the year, due in part to a decrease in corporate banquets and high-end services.

中国全聚德（集团）股份有限公司(China Quanjude (Group) Co., 简称：全聚德)股价今年已累计下跌5.6%。该公司在4月份表示，预计上半年净利润将至多下降40%，部分原因在于企业宴请和高端服务需求下降。该公司经营以北京烤鸭为特色菜的连锁餐馆。

Most private-equity backers in China hold minority stakes, meaning it is difficult to influence strategy. Still, some chains that once focused only on upscale customers are trying to adapt.

在中国，私募投资者大多持有少数股权，也就是说难以影响公司策略。但一些过去只关注高端消费者的连锁餐馆正在尝试改变策略。

Xiao Nan Guo Restaurants Holdings Ltd., operator of a chain of high-end restaurants serving Shanghai cuisine, opened its first Shanghai-style dim sum outlet in June of 2012 to target midrange customers spending 60 to 80 yuan per meal. The company reported higher profits for last year, but said it faced headwinds in the high-end sector due to government curbs on official spending.

经营上海特色菜的高端餐馆连锁品牌小南国餐饮控股有限公司(Xiao Nan Guo Restaurants Holdings Ltd.)在2012年6月份开设了首间上海风格的点心餐馆门店，瞄准每餐消费在人民币60-80元的中端消费者。该公司公布，去年利润实现增长，但表示，由于政府实施了限制公务宴请的措施，该公司在高端市场面临阻力。

China-focused private-equity firm Milestone Capital invested in Xiao Nan Guo during its initial public offering in July last year and held a 7.7% stake at the end of the year. Xiao Nan Guo＊s shares are down 9% since listing.

主要关注中国市场的私募股权投资公司麦顿投资(Milestone Capital)在去年7月份小南国进行IPO时投资了这家公司，去年底持有该公司7.7%的股权。小南国股价自上市以来已累计下跌9%。

Milestone couldn＊t be reached for comment.

记者无法联系到麦顿投资置评。