Happy City operates three all-you-can-eat (AYCE) hotpot restaurants in Hong Kong under two brands: Thai Pot (Thai-style hotpot) and Gyu! Gyu! Shabu Shabu (Japanese-style hotpot). Customers pay a fixed per-person price for a timed dining session — 60 to 120 minutes — and eat unlimited quantities of hotpot ingredients including meat, seafood, vegetables, noodles, and desserts. Revenue is driven by customer volume, price tier selection, add-ons (primarily alcoholic beverages), and table turnover. Happy City offers tiered packages that unlock progressively higher-quality ingredients, including premium cuts like Australian Wagyu and Japanese Miyazaki A5 Wagyu beef. Thai Pot locations also feature live seafood and Thai specialty dishes, while Gyu! Gyu! Shabu Shabu offers Japanese dishes like oden. The key cost driver is food ingredients, and Happy City manages food cost risk by ordering perishables daily and sourcing from an approved supplier list. All three restaurants are direct walk-in dine-in operations with no franchising. Happy City leases all locations on 3-year terms in high foot-traffic areas. Happy City plans to open 3 more restaurants in Hong Kong and Singapore by end of 2029, partly funded by its Nasdaq IPO. Happy City has incorporated a Singapore subsidiary as a gateway into Southeast Asia, though no Singapore operations have commenced.