| SUB-FRANCHISEES |
SUB-FRANCHISEES |
92%
|
Under these franchise agreements, Tim Hortons China will receive monthly payments from the sub-franchisees, which are a percentage of the sub-franchised restaurant’s gross sales |
| CARTESIAN-CAPITAL-GROUP-LLC |
CARTESIAN-CAPITAL-GROUP-LLC |
85%
|
PAC Pte. Ltd. (“PLK”) to acquire 100 % of the outstanding shares of PLKC International Limited (“Popeyes China”) from Holdings IV ( 90 %) and PLK ( 10 %), which are related parties of the Company as … |
| PLKC-HK-INTERNATIONAL-LIMITED |
PLKC-HK-INTERNATIONAL-LIMITED |
85%
|
PAC Pte. Ltd. (“PLK”) to acquire 100 % of the outstanding shares of PLKC International Limited (“Popeyes China”) from Holdings IV ( 90 %) and PLK ( 10 %), which are related parties of the Company as … |
| MORN |
Morningstar, Inc. |
72%
|
Reciprocal relationship from MORN graph: Reciprocal relationship from THCH graph: Reciprocal relationship from MORN graph: d Products" section of Part I, Item 1. Business of this Report. We believe t… |
| QSR |
Restaurant Brands International Inc. |
72%
|
eferred Contingent Consideration is in the scope of ASC480 since the instrument embodies an unconditional obligation that the Company must settle by issuing a variable number of its equity shares and… |
| QSR |
Restaurant Brands International Inc. |
72%
|
Reciprocal relationship from QSR graph: Reciprocal relationship from THCH graph: eferred Contingent Consideration is in the scope of ASC480 since the instrument embodies an unconditional obligation t… |
| AIG-CAPITAL-PARTNERS-INC |
AIG-CAPITAL-PARTNERS-INC |
62%
|
ategories and have primary and secondary suppliers for each key category, except coffee beans, which we source from THRI. For example, our dairy products and some of our vegetables are sourced region… |
| ALIBABA-GROUP |
ALIBABA-GROUP |
62%
|
promotional spending, which may adversely impact our gross margins. If we are unable to maintain or increase prices for our products or must increase promotional activity, our margins could be advers… |
| BABA |
Alibaba Group Holding Limited |
62%
|
Reciprocal relationship from BABA graph: Reciprocal relationship from THCH graph: Reciprocal relationship from BABA graph: Reciprocal relationship from THCH graph: Reciprocal relationship from BABA g… |
| BEVERAGE-MANAGEMENT-CO-LTD |
BEVERAGE-MANAGEMENT-CO-LTD |
62%
|
cluding those listed under “Item 3. Key Information-D. Risk Factors,” that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the … |
| COMPANY-PLK-APAC-PTE-LTD |
COMPANY-PLK-APAC-PTE-LTD |
62%
|
1.3 )% Foreign currency transaction gain/(loss) 3,484 0.3 % (1,120 ) (159 ) (0.1 )% Loss of the debt extinguishment (10,657 ) (0.8 )% (73,078 ) (10,736 ) (5.7 )% Changes in fair value of deferred con… |
| INTERNATIONAL-GMBH |
INTERNATIONAL-GMBH |
62%
|
International GmbH (“THRI”), a subsidiary of RBI, dated August 13, 2021, as amended (the “A&R MDA”), the monthly royalty rate for stores owned and operated by our PRC Subsidiaries (the “company owned… |
| NASDAQ-STOCK-MARKET-LLC |
NASDAQ-STOCK-MARKET-LLC |
62%
|
deficiency in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our securities could decl… |
| OVERSEAS-PUBLICLY-LISTED-COMPANY |
OVERSEAS-PUBLICLY-LISTED-COMPANY |
62%
|
n addition, the regulatory uncertainties may be exploited through unmerited or frivolous legal actions or threats in attempts to extract payments or benefits from us. 30 We may be subject to liabilit… |
| PAC-PTE-LTD |
PAC-PTE-LTD |
62%
|
PAC Pte. Ltd. (“PLK”) to acquire 100 % of the outstanding shares of PLKC International Limited (“Popeyes China”) from Holdings IV ( 90 %) and PLK ( 10 %), which are related parties of the Company as … |
| PANGAEA-TWO-ACQUISITION-HOLDINGS-XXIIA-LIMITED |
PANGAEA-TWO-ACQUISITION-HOLDINGS-XXIIA-LIMITED |
62%
|
r equity financing in the future to cover our costs and expenses. However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all. We will req… |
| PLKC-INTERNATIONAL-LIMITED |
PLKC-INTERNATIONAL-LIMITED |
62%
|
PAC Pte. Ltd. (“PLK”) to acquire 100 % of the outstanding shares of PLKC International Limited (“Popeyes China”) from Holdings IV ( 90 %) and PLK ( 10 %), which are related parties of the Company as … |
| SHAOLIN-CAPITAL-PARTNERS-MASTER-FUND-LTD |
SHAOLIN-CAPITAL-PARTNERS-MASTER-FUND-LTD |
62%
|
wing: As of December 31, 2025 2024 Accrued payroll and employee-related costs 32,587,186 37,435,535 Payable for acquisition of property and equipment 29,496,455 75,330,611 Guarantee deposits 25,345,7… |
| SILVER-CREST-ACQUISITION-CORPORATION |
SILVER-CREST-ACQUISITION-CORPORATION |
62%
|
deficiency in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our securities could decl… |
| SILVER-CREST-MANAGEMENT-LLC |
SILVER-CREST-MANAGEMENT-LLC |
62%
|
wing: As of December 31, 2025 2024 Accrued payroll and employee-related costs 32,587,186 37,435,535 Payable for acquisition of property and equipment 29,496,455 75,330,611 Guarantee deposits 25,345,7… |
| SONA-CREDIT-MASTER-FUND-LIMITED |
SONA-CREDIT-MASTER-FUND-LIMITED |
62%
|
r equity financing in the future to cover our costs and expenses. However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all. We will req… |
| SUNRISE-PARTNERS-LIMITED |
SUNRISE-PARTNERS-LIMITED |
62%
|
r equity financing in the future to cover our costs and expenses. However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all. We will req… |
| TH-HONG-KONG-INTERNATIONAL-LIMITED |
TH-HONG-KONG-INTERNATIONAL-LIMITED |
62%
|
r equity financing in the future to cover our costs and expenses. However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all. We will req… |
| THRI-PANGAEA-THREE-ACQUISITION-HOLDINGS-IV-LIMIT |
THRI-PANGAEA-THREE-ACQUISITION-HOLDINGS-IV-LIMIT |
62%
|
r equity financing in the future to cover our costs and expenses. However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all. We will req… |
| THRI-SONA-CREDIT-MASTER-FUND-LIMITED |
THRI-SONA-CREDIT-MASTER-FUND-LIMITED |
62%
|
r equity financing in the future to cover our costs and expenses. However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all. We will req… |
| TIM-HORTONS-RESTAURANTS-INTERNATIONAL-GMBH |
TIM-HORTONS-RESTAURANTS-INTERNATIONAL-GMBH |
62%
|
U.S. will be limited and additional costs may be required.” 6 Risks Related to THIL’s Business and Industry We have a limited operating history in China, which makes it difficult to predict our busin… |
