How Panda Express built a $7 billion restaurant empire without going public or selling out

Panda Express is America’s largest Asian restaurant chain. But it’s still privately held — and its founders have no plans to go public, adopt a franchise model or sell the business to a private equity group.

For Subscribers

FOR SUBSCRIBERSAnger over GOP education agenda fueled blue sweeps in Texas, advocates say

FOR SUBSCRIBERSInside the miscalculations that cost Trump control of Congress

FOR SUBSCRIBERSWhat Democrats plan to do with House majority: Investigate Trump and tackle affordability

FOR SUBSCRIBERSTrump discussing possible Hegseth replacements, sources say

FOR SUBSCRIBERSMaps: How the vote shifted from the 2024 presidential election to 2026

FOR SUBSCRIBERSThe dynamics behind the Democrats’ midterm drubbing of Republicans

FOR SUBSCRIBERSTexas election upset means ‘MAGA’s own private law firm’ will be led by a Democrat

FOR SUBSCRIBERSElon Musk moved to Texas to escape Democrats — now they’re in charge

FOR SUBSCRIBERSVance tiptoes out on his own after a midterm wipeout

FOR SUBSCRIBERSData centers rejected by voters across the country — challenging the AI boom

FOR SUBSCRIBERSRepublicans bet the House on redistricting, but Democrats swept through the seats they targeted

FOR SUBSCRIBERSDemocratic Senate set to thwart Trump’s Supreme Court and judicial appointments

FOR SUBSCRIBERSIran says Americans rejected Trump’s war as the world reacts to the midterms rout

FOR SUBSCRIBERSVoters rejected Trump’s ‘booming’ economy narrative and the AI that underpins it

FOR SUBSCRIBERS‘No one is going to outwork Hakeem’: Jeffries’ rise to the cusp of history has been rapid

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For Subscribers

FOR SUBSCRIBERSAnger over GOP education agenda fueled blue sweeps in Texas, advocates say

FOR SUBSCRIBERSInside the miscalculations that cost Trump control of Congress

FOR SUBSCRIBERSWhat Democrats plan to do with House majority: Investigate Trump and tackle affordability

FOR SUBSCRIBERSTrump discussing possible Hegseth replacements, sources say

FOR SUBSCRIBERSMaps: How the vote shifted from the 2024 presidential election to 2026

FOR SUBSCRIBERSThe dynamics behind the Democrats’ midterm drubbing of Republicans

FOR SUBSCRIBERSTexas election upset means ‘MAGA’s own private law firm’ will be led by a Democrat

FOR SUBSCRIBERSElon Musk moved to Texas to escape Democrats — now they’re in charge

FOR SUBSCRIBERSVance tiptoes out on his own after a midterm wipeout

FOR SUBSCRIBERSData centers rejected by voters across the country — challenging the AI boom

FOR SUBSCRIBERSRepublicans bet the House on redistricting, but Democrats swept through the seats they targeted

FOR SUBSCRIBERSDemocratic Senate set to thwart Trump’s Supreme Court and judicial appointments

FOR SUBSCRIBERSIran says Americans rejected Trump’s war as the world reacts to the midterms rout

FOR SUBSCRIBERSVoters rejected Trump’s ‘booming’ economy narrative and the AI that underpins it

FOR SUBSCRIBERS‘No one is going to outwork Hakeem’: Jeffries’ rise to the cusp of history has been rapid

Slide 1 of 1