Nan Xiang Express Franchise Cost, Revenue & Review 2026
- Investment
- $448K – $876K
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Nan Xiang Express is a quick-service franchise serving Shanghai soup dumplings and Chinese dishes in a fast format. Franchisees run the restaurants, managing food prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Nan Xiang Express franchise requires a total initial investment of $448K – $876K, including a $40K franchise fee and an ongoing 5.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: low - issued within the last 12 months
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $448K – $876K
- 70th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 12th pct Service Resta…
- Units
- 10
- 37th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-Service Restaurants median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $448K – $876K including a $40K franchise fee, 5.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 55/100 (higher is better).
- GROWTHPositive: net +4 franchised outlets in the latest year (4 opened, 0 closed) (Item 20).
- DATAThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Nan Xiang Express Franchisor LLC
- Parent company
- NXE Holding Corporation
- FDD Item 1, page 8 of the 2025 FDD
- Ultimate parent
- MVC Flushing LLC
- FDD Item 1, page 8 of the 2025 FDD
- CEO title
- Chief Executive Officer
- Xing Yan (Eddie) Zheng
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- NV
- HQ
- 109 5th Street, Saddle Brook, NJ 07663
- Auditor
- MUHAMMAD ZUBAIRY, CPA PC
- Audited financials
- Franchisor revenue
- $96K
- vs $37K prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Independent franchisee associations
- Franchise Advisory Council (FAC)
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- MG Trading Company
- Nan Xiang Franchisor
- TM Holding
- NXE Trading
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Xing Yan (Eddie) Zheng
- Headquarters
- NJ
- Founded
- 2022
- FDD year
- 2025
- States available
- 3
Leadership team2 execs · Item 2
Executive team
Xing Yan "Eddie" Zheng
Chief Executive Officer
5 yrs in role
Founder and President of Shogun Japanese Steakhouse & Sushi Bar Inc. since May 2009. CEO of Ten Hotpot & Tea Trading, LLC since January 2019. CEO of Tsaocaa US, LLC and Tsaocaa US Holding, LLC since January 2019.
Richard Xu
Chief Financial Officer
2 yrs in role
Was not employed between September 2020 and April 2024. Also serves as Chief Financial Officer of affiliate 213 Management Group Inc. in Flushing, New York since May 2024.
Can you afford it, and what does the money buy?
Entry cost runs 36% above the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $40K | $40K | |
| Initial Training Feenot refundable | $10K | $10K | |
| Construction and Leasehold Improvements | $200K | $500K | |
| Furniture, Fixtures, and Equipment | $100K | $120K | |
| Signs | $3K | $6K | |
| Technology Systems | $4K | $8K | |
| Initial Supply of Proprietary Itemsnot refundable | $20K | $25K | |
| Other Initial Inventory | $5K | $5K | |
| Rent (3 Months) and Lease Deposits | $40K | $100K | |
| Utility Deposits | $3K | $5K | |
| Insurance Deposits and Premiums | $4K | $9K | |
| Travel and Lodging for Initial Training | $2K | $5K | |
| Grand Opening Advertising | $2K | $5K | |
| Professional Fees | $3K | $5K | |
| Business Licenses and Permits | $5K | $15K | |
| Printing, Stationary, and Office Supplies | $2K | $3K | |
| Additional Funds - First 3 Months of Operation | $6K | $15K | |
| Total initial investment | $448K | $876K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $448K – $876K
- Bottom third — review vs category
- Liquid capital req'd
- $6K – $15K
- Top 40% of category vs category
- Franchise fee
- $40K – $40K
- Middle of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $200 |
| Training fee | $10K |
| Transfer fee | $10K |
| Renewal fee | $10K |
| Inventory (initial) | $5K – $5K |
| Total fee load | 6.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Nan Xiang Express makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Nan Xiang Express unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 6.0% — below the Quick-Service Restaurants median of 7.5%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
Net unit growth of +200.0% over 3 years (4 opened, 0 closed).
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Quick-Service Restaurants medians
How Nan Xiang Express Compares
Category median of published Quick-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 10
- Opened
- 4
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- N/A
- Company-owned
- 4
- Corporate units in the system
- % franchised
- 60%
- vs corporate-owned
- Net growth (3-yr)
- +200.0%
- Net unit change over 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 3 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Available to sell in · Item 12
- Illinois
- Michigan
- South Dakota
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
Where the owners are · Item 20 owner list
4 current owners across 3 states.
- NY 2
- MA 1
- NC 1
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Early-stage, undisclosed-financials franchisor with explosive growth claims, no profitability transparency, and potential going concern issues — suitable only for experienced franchisees with high risk tolerance and independent validation capability.
Why this reads harsher than the B grade: the grade weighs financial health, unit economics, unit growth, scale, legal, and transparency across the whole filing, while this summary lists individual flags without that weighting. The flags are worth checking with current owners; neither is investment advice.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation required to be disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · MUHAMMAD ZUBAIRY, CPA PC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 55 / 100 verdict
- 01MINORNo Item 19 financial disclosure (revenue and net income) — impossible to validate ROI claims or unit economics
- 02MINORExplosive 200% YoY unit growth (10 units) suggests either genuine traction or aggressive recruitment with high failure rates; insufficient data to differentiate
- 03MINORWide investment range ($448k–$875.5k) with no corresponding revenue disclosure creates opacity around actual profitability by investment tier
- 04MEDOnly 10 total units system-wide — extremely small franchise with limited track record and high systemic risk if even 2-3 units fail
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 3 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 60 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 1 |
| Mandatory arbitration | Yes |
| Arbitration location | Within 50 miles of franchisor's principal place of business (currently Saddle Brook, NJ); American Arbitration Association |
| Jury trial waiver | Yes |
| Governing law | NJ |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 56 hrs
- On-the-job training
- 56 hrs
- Training location
- Training facility approved by franchisor in New York or New Jersey (may be virtual)
- Ongoing training
- Required
- Time to open
- 12 mo
- From signing to launch
- Site selection
- joint
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
4 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Nan Xiang Express franchise?
The total investment to open a Nan Xiang Express franchise ranges from $448K – $876K, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Nan Xiang Express franchise owners earn?
Nan Xiang Express makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Nan Xiang Express?
Nan Xiang Express is franchised by Nan Xiang Express Franchisor LLC. Its parent company is NXE Holding Corporation. The ultimate parent named in the FDD is MVC Flushing LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Nan Xiang Express FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Nan Xiang Express FDD and qualifies whose outlets they describe.
What is Nan Xiang Express's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Nan Xiang Express (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Nan Xiang Express franchise locations are there?
As of their most recent FDD filing, Nan Xiang Express has 10 total units in the United States, including 6 franchised units and 4 company-owned units. 4 new units were opened in the latest reporting year.
Is Nan Xiang Express a good franchise to buy?
FranchiseVerdict rates Nan Xiang Express as a B-grade franchise with a verdict score of 55 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
Are you the franchisor?
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.