MasterBeef Shares Surge Nearly 80% Post-IPO, Eyes Frankfurt Dual Listing

Introduction

MasterBeef Group (ticker: MB) is a Cayman Islands–incorporated holding company operating through subsidiaries in Hong Kong and Taiwan. Its core business consists of full-service Taiwanese hotpot and barbecue restaurants operating under the Master Beef and Anping Grill brands. The company completed its initial public offering (IPO) on the Nasdaq Capital Market on April 10, 2025, and trades under the symbol MB.

Corporate Structure

MasterBeef Group oversees more than 20 operating subsidiaries in Hong Kong and one subsidiary in Taiwan. Through these entities, it operates 12 restaurant outlets. LinkedIn data indicate a workforce of 501–1,000 employees engaged across restaurant operations, supply chain logistics, product development, and corporate functions. Chief Executive Officer Ka Chun Lam leads a management team responsible for brand development, franchise support, and technology integration.

Hotpot by Peijia Li

Recent Developments and News

On April 11, 2025, MasterBeef closed its IPO of 2,000,000 ordinary shares at USD 4.00 per share, generating gross proceeds of USD 8.0 million. Underwriters held a 45-day over-allotment option for up to 300,000 additional shares. This option was partially exercised on May 16, 2025, resulting in the issuance of 155,000 shares at USD 4.00 each, producing approximately USD 620,000 in gross proceeds.
In a Form 6-K filing dated August 15, 2025, the company announced plans for a dual listing on the Frankfurt Stock Exchange’s Quotation Board to enhance share liquidity and broaden its international investor base.

Financial and Strategic Aspects

For the 12 months ended June 30, 2024, MasterBeef reported revenue of USD 67 million. The combined gross proceeds from its IPO and over-allotment exercise total approximately USD 8.62 million before underwriting discounts and expenses. Management intends to allocate net proceeds to:

• Expansion of the restaurant network and franchising in Hong Kong, Singapore, and other Southeast Asian markets
• Marketing and branding campaigns to grow the customer base
• Production and distribution of semi-finished food products, including packaged hotpot soup base and marinated items
• Technology investments for table service, inventory management, order processing, and IT system upgrades
• General corporate purposes supporting strategic objectives

The August 2025 dual listing initiative seeks to improve trading volume, attract European investors, and diversify capital markets access.

Market Position and Industry Context

MasterBeef Group operates within Hong Kong’s casual dining segment, specializing in Taiwanese hotpot and barbecue formats. Its holding company structure allows for centralized strategic management while enabling decentralized operational execution by its subsidiaries. Revenue streams extend beyond dine-in services and include franchising fees, packaged food sales, catering, and technology solutions. As the company pursues geographic expansion and product-line diversification, it may face competitive pressures from established regional restaurant chains and changing consumer preferences in Southeast Asia.

TL;DR

MasterBeef Group launched on Nasdaq at USD 4.00 per share on April 10, 2025, raising USD 8.0 million. On May 16, 2025, it issued an additional 155,000 shares for USD 620,000 gross. As of August 18, 2025, MB shares trade at USD 6.38, reflecting an increase of 79.72% since the IPO. A Form 6-K filed on August 15, 2025, announces a planned dual listing on the Frankfurt Stock Exchange to boost liquidity and attract European investors. Capital will be allocated to regional restaurant expansion, marketing, semi-finished product lines, and technology upgrades. The future outlook will depend on the execution of its overseas rollout and performance in diversified revenue channels.