LinkedIn
WebsiteIntroduction
Maison Solutions Inc. (NASDAQ: MSS) is a U.S.-based specialty grocery retailer founded in 2019 and headquartered in Monterey Park, California. The company operates traditional Asian supermarkets under the HK Good Fortune brand in Southern California and the Lee Lee International Supermarket chain in Arizona. Through brick-and-mortar stores, an online platform, home delivery, and in-store pickup, Maison Solutions provides fresh produce, meat, seafood, and daily necessities.
Corporate Structure
- Public listing: NASDAQ (“MSS”)
- Employees: 51–200 (LinkedIn)
- Leadership:
- John Xu, Chairman, President & CEO since 2019
- Alexandria Marie Lopez, CFO since 2019
- The Board of Directors includes independent members with experience in finance and international markets, including Bin Wang, Mark Willis, and Dr. Xiaoxia Zhang.
Grocery Retail by Dennis Siqueira
Recent Developments and News
On May 15, 2025, Maison Solutions announced the acquisition of Lee Lee Oriental Supermart, a three-store chain in Arizona, for $22.2 million. The deal encompasses payments over ten months, including $7 million in cash at closing and the remainder through secured notes. This acquisition is anticipated to contribute approximately $70 million in annual revenue and expand the company’s operational footprint.
In August 2025, a securities class action was filed alleging that the IPO registration and subsequent disclosures did not adequately disclose a related-party vendor (XHJC Holdings Inc.) and questioned the use of supermarkets in connection with the EB-5 visa program. No class has been certified as of the current date.
Regulatory filings in September 2025 provided updates on the company’s financial activities:
- September 15, 2025: NT 10-Q notification of a delayed quarterly filing due to the additional effort required to finalize financial statements.
- September 17, 2025: S-1/A amendment registering the resale of up to 14,025,000 Class A shares related to a $3 million convertible promissory note (5.25% interest, payable in stock).
- September 22, 2025: Form 10-Q filed, detailing quarterly revenue and other operating metrics.
As of September 29, 2025, MSS shares were priced at $5.41, reflecting an increase since the IPO, with a trading volume of 15,736,561 shares.
Financial and Strategic Analysis
Maison Solutions has pursued growth through acquisitions and financing mechanisms. The acquisition of Lee Lee and the opening of additional stores target geographic areas with expanding Asian-American populations. The S-1/A registration may lead to potential share dilution, as up to 14 million shares may be issued upon conversion of the promissory note. The NT 10-Q indicates operational challenges related to timely reporting, although the company has adhered to SEC guidelines during extension periods.
Key risk factors include market fluctuations affecting consumer purchasing behavior, regulatory scrutiny associated with related-party transactions, complexities in supply chain management, and competition from both national and regional grocery retailers.
Market Position and Industry Context
Maison Solutions operates in the specialty grocery segment, focusing on Asian-American consumers by offering a multi-channel shopping experience. Competitors include large supermarket chains with ethnic product offerings as well as independent international markets. By combining traditional food offerings with ready-to-eat items and online services, the company differentiates itself in a market that increasingly demands authentic and convenient ethnic food options.
tl;dr
On May 15, 2025, Maison Solutions announced the acquisition of Lee Lee Oriental Supermart for $22.2 million, with expectations to add about $70 million in annual revenue. In August 2025, a class action lawsuit was filed regarding undisclosed related-party transactions. In mid-September 2025, the company registered up to 14 million new shares under a convertible note and filed a delayed 10-Q, completing the quarterly report on September 22. The outcomes of share conversion and the integration of acquired stores will influence the company's liquidity and revenue growth.
