「華萊士」母公司Fujian Huashi Food Co., Ltd. 近期確實已啟動從中國全國中小企業股份轉讓系統（俗稱「新三板」）退市的程序。根據公開資訊顯示，公司財務報表中的總負債約為21.57億元人民幣，顯示其財務壓力相當明顯。

從財務狀況來看，依據2023年的完整財報（目前最新的完整年度資料），華士食品的總負債約為21.57億元人民幣，資產負債率高達79.9%，槓桿水準偏高。2026年2月，公司正式公告申請自願終止在National Equities Exchange and Quotations（新三板）掛牌，意味著企業將從公開交易市場退出。

市場普遍將此舉解讀為一次「戰略性撤退」或內部重整的開始。其中一個重要原因是合規與營運成本的壓力。作為門店數量龐大的連鎖餐飲品牌，華萊士長期採用「合作開發、共擔風險」的加盟模式，也就是內部員工合夥制。這種經營架構在實務管理上與新三板的資訊披露與治理要求存在一定衝突，同時維持掛牌所需的審計與合規成本亦相當高，因此公司選擇退出公開市場。

此外，品牌長期面臨品控與口碑方面的困境。華萊士多次陷入食品安全相關爭議，在網路輿論中甚至被戲稱為「噴射戰士」，對品牌形象造成一定衝擊。加上其以低價競爭為核心的商業模式，使利潤空間受到壓縮，企業也面臨重新調整品牌定位與經營策略的壓力。

從企業治理角度來看，退市後公司將不再受到公開市場的嚴格監管與披露要求，這被認為有助於創辦人「華氏兄弟」在非公開環境中進行更大規模的債務處置與組織調整。同時，市場上亦出現一些推測，認為企業可能在完成財務與結構整理後，未來尋求在Hong Kong Stock Exchange重新上市，以獲得不同監管環境下更高的市場估值。

作為品牌背景，Wallace (Chinese fast‑food chain) 曾被稱為「中國版肯德基」或「下沉市場之王」。其門店數量一度超過兩萬家，在中國的總規模甚至超過McDonald's 與KFC在中國門店數量的總和。該品牌主要以平價漢堡產品切入三、四線城市市場，並透過「眾籌式合夥加盟」模式實現快速擴張，形成其獨特的連鎖經營體系。

 “Wallace,” whose parent company is Fujian Huashi Food Co., Ltd., has recently initiated the process of delisting from China’s National Equities Exchange and Quotations system (commonly known as the “New Third Board”). Public disclosures indicate that the company’s financial statements show total liabilities of approximately 2.157 billion RMB, highlighting significant financial pressure.

From a financial perspective, according to the company’s 2023 annual report—the most recent complete set of financial data—Huashi Food reported total liabilities of about 2.157 billion RMB, with an asset-liability ratio reaching 79.9%, indicating relatively high leverage. In February 2026, the company formally announced that it had applied to voluntarily terminate its listing on the National Equities Exchange and Quotations, meaning it plans to withdraw from the public trading market.

The market has largely interpreted this move as a form of “strategic retreat” or internal restructuring. One key factor is the pressure of compliance and operating costs. As a large-scale restaurant chain with a vast number of outlets, Wallace has long operated under a “co-development, risk-sharing” franchise structure, essentially an internal employee partnership model. This structure can create management conflicts with the disclosure and governance requirements of the New Third Board, while maintaining a listing also involves considerable auditing and compliance expenses. As a result, the company chose to exit the public market.

Another factor is the brand’s long-standing challenges related to quality control and public reputation. Wallace has repeatedly been involved in food safety controversies and has even been mockingly referred to online as the “diarrhea warrior,” damaging its brand image. At the same time, its core strategy of competing through very low prices has severely compressed profit margins, increasing the need for the company to reposition its brand and business strategy.

From a corporate governance standpoint, delisting will free the company from the strict regulatory and disclosure requirements of public markets. This is widely seen as giving the founders, known as the “Hua brothers,” greater flexibility to conduct large-scale debt restructuring and internal organizational reforms in a non-public environment. There is also speculation in the market that after cleaning up its financial structure, the company might attempt to relist on the Hong Kong Stock Exchange in the future, potentially seeking a higher valuation under a different regulatory framework.

As for the brand’s background, Wallace (Chinese fast-food chain) has often been described as the “Chinese version of KFC” or the “king of lower-tier markets.” At one point, its number of outlets exceeded 20,000, surpassing the combined store counts of McDonald's and KFC in China. The chain expanded rapidly by offering low-priced hamburgers targeted at third- and fourth-tier cities, while relying on a crowdfunding-style partnership franchise model to drive its growth.