GlobeNewswire·Jun 9, 2026, 6:15 AM ET

Tims China Announces Appointment of Mr. Kwok Wah Cheung as Chief Executive Officer and Issuance of Additional Senior Secured Convertible Notes

TH International Limited appointed Kwok Wah Cheung as its new Chief Executive Officer effective June 15, 2026.
Yongchen Lu will step down as CEO to assume the role of Chairman, while Peter Yu will step down as Chairman but remain as a director.
Mr. Cheung brings over 20 years of executive experience in China, including previous roles at Supor, China Feihe, Nestlé, Wyeth, Coca-Cola, & Procter & Gamble.
Under the leadership of Mr. Yu & Mr. Lu, the company grew from its first store in 2019 to 1,026 stores across 93 cities by March 2026, with a loyalty club exceeding 35 million members.
Mr. Cheung will focus on accelerating localization, innovation, community building, & convenience through optimized formats, digital, & delivery.
The company entered a definitive agreement to issue additional senior secured convertible notes totaling up to US$55.0 million to be consolidated with existing notes.
Proceeds from the new notes will fund store network expansion, working capital, & operating expenditures.
The issuance will occur in four tranches, starting with $15.8 million in Q3 2026 & concluding in Q1 2027, subject to regulatory approvals & performance milestones.
Further details regarding these transactions will be filed with the SEC via Form 6-K by June 9, 2026.