Banu recently announced that several outdoor advertisement boards at its soon-to-open Lianyungang store were stolen overnight. The company has filed a police report and appealed for public tips while calling for "healthy industry competition." In a follow-up post titled "Wake Up," Banu hinted at unethical practices without naming names.
Observers noted that HAIDILAO operates a store on the same mall's fourth floor where Banu's ads disappeared, fueling speculation about corporate rivalry. Banu's customer service confirmed the theft occurred between December 12-13 but said investigation results remain pending. HAIDILAO has not officially responded.
The incident coincides with Banu's urgent resubmission of its Hong Kong IPO application after the initial filing lapsed. Updated prospectus data shows Banu's Q1-Q3 2025 revenue grew 24.5% YoY to RMB2.077 billion, with net profit up 58.46%. However, average customer spending continued its decline from RMB150 (2023) to RMB138 (Q1-Q3 2025).
Store expansion remains Banu's primary growth driver - locations increased from 145 to 162 within six months, with plans for 150+ new stores through 2028. This rapid growth raises concerns about operational sustainability.
Controversies surround Banu's corporate governance, including a controversial RMB70 million pre-IPO dividend payout in January 2025 that benefited founder Du Zhongbing and his family. Chinese regulators have raised nine inquiries regarding this and other issues including incomplete employee social insurance payments (RMB1.6 million shortfall in 2022 decreasing to RMB500,000 in Q1-Q3 2025).
Du's public statements have also drawn criticism, particularly his remark that "people earning RMB5,000 monthly shouldn't eat at Banu," which was widely perceived as elitist despite his subsequent clarification.
The advertising theft incident has become a marketing spectacle, with some consumers accusing Banu of staging publicity stunts ahead of its new store opening, while others criticize potential competitive overreach. Mall management declined to comment on security footage review progress.