KK Group is a company that sells things in its stores. It has two ways of running these stores, either by owning them or letting other people own them and paying them some money. Right now, they want to raise more money by selling parts of the company to other people. But it might be hard because the market is not doing very well right now and many people are not interested in buying things from China. However, KK Group is trying to make more money by owning more stores and making their own brands instead of just selling other people's brands. Read from source...

- The title of the article is misleading and does not reflect the main content. It suggests that KK Group has failed three times to list in Hong Kong, but it actually tried twice before 2019 and then again in 2023. A more accurate title would be "Fourth Time's The Charm? KK Group Hopes To Succeed With New Hong Kong IPO Bid" or something similar.
- The article does not provide a clear definition of the asset-light franchise model and how it differs from the self-operated stores. It also does not explain why Miniso has done well with this model, or what are the advantages and disadvantages of each approach for KK Group. A comparative analysis of the two business models would help readers understand the strategic rationale behind KK Group's switch from franchising to self-operating.
- The article uses vague terms such as "lower profit margins" and "relatively small" without providing any numerical or percentage data to support them. For example, it says that KK Group's franchise model has lower profit margins than its self-operated stores, but does not specify by how much or what is the industry average. It also says that house brands made up a "relatively small" percentage of revenue, but does not say what was the target or goal for this category. Providing more specific and relevant information would make the article more informative and credible.

To provide comprehensive investment recommendations, I will first analyze the main factors that affect KK Group's performance and profitability. Then, I will compare its performance with other similar companies in the retail industry, such as Miniso. Finally, I will assess the potential risks and challenges that KK Group faces in the current market environment and in its expansion plans.