Both exist. According to the inquiry of Chow Tai Fook in official website, Chow Tai Fook is directly operated in Chinese mainland and other provincial capitals, and has no franchise stores. Chow Tai Fook, department stores and street shops in county-level cities are all franchise stores. Chow Tai Fook Jewelry Group Co., Ltd., referred to as Chow Tai Fook for short, was founded by Zhou Zhiyuan in 1929 and listed on the main board of China Stock Exchange on February 20 165438. Chow Tai Fook's iconic brand was founded in 1929.