红杉中国合伙人苏凯（中）与鸣鸣很忙创始人、董事长兼CEO晏周（右），CFO王钰潼 （右）在上市仪式现场 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）于2026年1月28 日正式以"1768"为股票代码在港交所主板上市，成为港股"量贩零食第一股"。 成立至今，鸣鸣很忙已获得红杉中国、高榕创投、黑蚁资本、启承资本、五源资本等多家知名机构的 投资，并在本次IPO发行中引入了腾讯、淡马锡、贝莱德、富达基金、泰康人寿、博时国际、易方 达、淡水泉等一众基石投资者。 其中， 红杉中国是零食很忙最早的机构投资者，于2021年4月联合领投了零食很忙A轮融资，由红 杉中国合伙人苏凯和投资合伙人郭山汕共同主导；同时，红杉中国在此后多轮融资中加持，并在零食 很忙和赵一鸣零食合并时给予了重要支持。IPO前，红杉中国持股比例7.07%，是鸣鸣很忙最大的外 部机构股东，苏凯担任鸣鸣很忙非执行董事，且红杉中国团队在鸣鸣很忙战略发展与投后管理等方面 提供有力支持。 鸣鸣很忙集团创始人、董事长兼CEO晏周表示："这么多年，红 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") officially listed on the Hong Kong Stock Exchange on January 28, 2026, becoming the first "bulk snack stock" in Hong Kong, raising a total of HKD 3.67 billion through the issuance of 15,511,200 shares at an issue price of HKD 236.60 per share [3][4]. Group 1: IPO and Market Performance - The Hong Kong public offering was oversubscribed by 1,899.49 times, while the international offering was oversubscribed by 44.44 times, marking one of the highest international placement multiples for consumer IPOs in recent years [3][4]. - As of 10:00 AM on the listing day, the stock price rose to HKD 433.2, an increase of 83.09% from the issue price, resulting in a market capitalization of HKD 92.7 billion [4]. Group 2: Business Model and Strategy - Mingming Hen Mang aims to create a joyful life and become the people's snack brand, focusing on providing affordable and accessible snacks to consumers [6]. - The company operates as China's largest chain retailer of leisure food and beverages, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance operational efficiency and supply chain management [8]. - The company has adopted a community-focused approach, targeting lower-tier markets and utilizing a high-frequency demand model for snacks and beverages, thereby optimizing the supply chain and reducing costs [10]. Group 3: Store Expansion and Product Offering - As of November 30, 2025, Mingming Hen Mang had over 21,041 stores, primarily located in county towns and communities, making quality and affordable food accessible to ordinary families [12]. - The company has established partnerships with over 2,500 quality manufacturers, with an average product price approximately 25% lower than that of offline supermarkets [12]. - The product range includes around 3,997 SKUs across seven categories and over 750 brands, with a monthly introduction of hundreds of new products [12][13]. Group 4: Financial Performance - For the first three quarters of 2025, the company achieved revenue of CNY 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of CNY 1.810 billion, up 240.8% year-on-year [17]. - From 2022 to 2024, revenue grew from CNY 4.286 billion to CNY 39.344 billion, with a compound annual growth rate of 203% [18]. - The gross margin increased from 7.5% to 9.7%, while the adjusted net margin rose from 1.9% to 3.9% during the same period, indicating enhanced profitability [18]. Group 5: Industry Context and Future Outlook - The retail industry in China is transitioning from a seller's market to a buyer's market, with the market size expected to grow from CNY 29 trillion in 2019 to CNY 37 trillion by 2024, and further to CNY 49 trillion by 2029 [18]. - Mingming Hen Mang's innovative business model and focus on efficiency have positioned it to meet the increasing demand for quality and affordable snacks in the evolving retail landscape [25][26].

Core Insights - The global M&A market is expected to experience a new wave of growth opportunities in 2026, following a significant rebound in 2025, with a total transaction value reaching $4.9 trillion, a 40% increase from the previous year, marking the second-highest record in history [3][4]. Group 1: M&A Market Trends - The domestic strategic transaction value in China reached $395 billion in 2025, reflecting a 25% year-on-year growth, driven by policy support and consolidation in sectors like energy and advanced manufacturing [10]. - The report indicates that 80% of surveyed M&A executives plan to maintain or increase their M&A activities in 2026 [2]. Group 2: Key Drivers of M&A Activity - Three main drivers are shaping the new M&A landscape: disruptive technologies (including advancements in AI, robotics, and quantum technology), geopolitical factors and post-globalization trends, and portfolio strategy adjustments [5]. - Nearly half of the technology sector transactions in 2025 involved AI, while non-tech companies are increasingly focusing on acquiring firms that can develop technological solutions [5]. Group 3: AI's Role in M&A - AI is fundamentally transforming M&A practices, with 45% of M&A executives using AI tools in transactions by 2025, doubling from the previous year [6]. - Leading companies are leveraging AI across the entire transaction cycle to create higher value, including in areas such as dynamic deal pipelines and stakeholder insights [6]. Group 4: Capital Constraints and M&A Strategies - Despite active M&A activities, companies face challenges in capital allocation, with the proportion of funds allocated to M&A dropping to a 30-year low in 2025 [8]. - Bain's report outlines five key strategies for M&A in 2026, emphasizing the need for a strategic framework, ensuring significant investment returns, conducting thorough due diligence, building end-to-end M&A capabilities, and updating strategic capital allocation [9].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. is set to become the first "bulk snack stock" in Hong Kong, having raised a total of HKD 3.67 billion through its IPO, with significant oversubscription rates in both public and international offerings [2][3]. Group 1: IPO Details - The company issued a total of 15,511,200 H-shares, with a public offering oversubscription rate of 1,899.49 times and an international offering oversubscription rate of 44.44 times, marking one of the highest rates for consumer IPOs in recent years [2][3]. - The total funds raised of HKD 3.67 billion surpassed the fundraising amounts of previous consumer IPOs, such as Mixue Ice City [2][3]. Group 2: Investor Participation - The IPO attracted a prestigious lineup of cornerstone investors, with eight investors collectively subscribing approximately USD 195 million, including Tencent and Temasek, each investing USD 45 million [3][4]. - Other notable investors included BlackRock, Fidelity, and various domestic and international asset management firms [3][4]. Group 3: Business Model and Operations - As the largest leisure food and beverage retail chain in China, the company operates under two brands, "Snacks Are Busy" and "Zhao Yiming Snacks," enhancing operational efficiency through a unified organizational structure [4][5]. - By September 30, 2025, the company had 19,517 stores across 28 provinces and all tiered cities in China, with plans to exceed 20,000 stores [4][5]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported revenue of RMB 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of RMB 1.81 billion, reflecting a significant growth of 240.8% [7]. - From 2022 to 2024, revenue grew from RMB 4.286 billion to RMB 39.344 billion, with a compound annual growth rate (CAGR) of 203%, while adjusted net profit increased from RMB 0.081 billion to RMB 0.913 billion, achieving a CAGR of 234.6% [7]. Group 5: Market Position and Growth Potential - The Chinese leisure food retail market is projected to grow from RMB 3.7 trillion in 2024 to RMB 4.9 trillion by 2029, positioning the company as a unique investment opportunity in the Hong Kong market due to its scale advantages and supply chain barriers [7].

将基于四代架构陆续发布多款产品，持续提升计算性能。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，天数智芯（股票代码：09903.HK）日前发布了四代架构路线图，提出以"高效 率、可预期、可持续"为核心的"高质量算力"设计目标，打造AI++算力系统新范式，预期于2027年 超越英伟达Rubin架构，迈向更具创新的突破性架构设计；发布边端算力产品"彤央"系列，实测性能 优于英伟达AGX Orin，并首次全面展示多行业深度应用案例及开放生态建设成果，以布局云边端的 全场景产品与解决方案，与产业链上下游的客户和生态伙伴共绘算力赋能千行百业的发展蓝图。 公布四代架构路线图 据天数智芯AI与加速计算技术负责人单天逸介绍： 2025年，天数天枢架构超越Hopper；2026年， 天数天璇架构对标Blackwell；2026年，天数天玑架构超越Blackwell；2027年，天数天权架构超 越Rubin；2027年之后将转向突破性计算芯片架构设计。 未来3年，天数智芯将基于此次发布的四 代架构，陆续发布多款产品，持续提升计算性能。 针对行业面临的能效比偏低、创 ...

拉丁美洲地区成极智嘉全新的业绩增长极，迈入规模化落地新阶段。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，极智嘉（2590.HK）全球化业务持续迎来里程碑式突破——极智嘉 2025 年全 年在拉丁美 洲中标额一举超过6亿元人民币，创下历史新高。 这一爆发式增长，标志着极智嘉在全 球化深水区激活了新兴市场的巨大潜能。拉丁美洲也从战略试验田，升级为全新的业绩增长极，迈入 规模化落地新阶段。 这里不妨补充一点，据eMarketer 2024年报告，拉丁美洲已超越东南亚，成为全球零售电商增长最 快的地区。然而，当地物流基建的发展进程显著滞后于电商扩张速度。随着订单结构日趋碎片化、履 约复杂度显著提升，物流自动化升级已演化为行业层面的刚性需求。对于机器人企业来说，这一市场 所具备的长坡厚雪特点，开始清晰显现。 而极智嘉早在2020年就前瞻性布局，彼时以智利首个项目切入市场，完成了对当地复杂物流环境的 技术验证与应用探索。历经5年深耕，极智嘉现已建立起覆盖方案设计、项目交付与本地支持的服务 网络与生态体系。相较于其他厂商，这种 难以在短期内复制的"服务基建 ...

董事会明确表示，当前H股股份成交价未充分反映公司的内在价值及实际业务前景，此次股份回购是 基于对公司长期发展的信心，有利于提升集团资本市场价值及股东回报能力，符合公司及全体股东的 整体利益。 多重利好打开成长空间。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，佑驾创新(2431.HK)于2026年1月26日晚间发布公告，公司根据2025年5月23 日股东周年大会授予的股份回购授权，启动了总额不超过2亿港元的H股股份回购计划。 截至2026年1月26日，公司已通过香港联合交易所有限公司公开市场累计购回4,621,000股H股股 份，总金额约73,154,342港元。 值得关注的是，资本市场对佑驾创新的信心不止于公司回购。作为公司基石投资者，地平线机器人全 资子公司Horizon Together Holding Ltd.基于双方多年合作积淀，此前已在公开市场合计购入 68.82万股H股，用真金白银彰显对佑驾创新未来发展前景及生态价值的看好。与此同时，公司核心 股东此前已自愿延长股份限售期，董事长及高管团队亦同步推出增持举措，形成信心传递组合拳。 ...

国内首家乘用车空悬系统供应商、首家双腔空簧供应商。 在完成IPO前最后一轮融资后，孔辉科技的估值约为67亿元人民币。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，浙江孔辉汽车科技股份有限公司（以下简称"孔辉科技"）于2026年1月16日同 中信建投证券签署辅导协议，正式启动A股IPO进程。 成立于2018年 的孔辉科技由中国 工程院首批院士、汽车行业首位院士郭孔辉与郭川及核心 团队联 合创 立，现已形成"空簧+主动稳定杆+双阀电控减震器+闭式阀泵"全栈技术解决方案。 作为国内首家乘用车空悬系统供应商、首家双腔空簧供应商，孔辉科技始终坚持技术破局、自主研 发，打破了国外技术垄断，实现了从0到100万的跨越 ——2021年6月，孔辉科技成功向岚图FREE 交付首台套空气悬架系统，开启国产空悬量产先河；2022年1月，孔辉科技完成了对岚图FREE第1 万台套空悬系统的量产交付；2023年12月，孔辉科技已实现第30万台套空簧总成的交付，当时已为 9款车型供货空悬产品；2025年9月，孔辉科技第100万台套空气弹簧正式下线。 在产品创新上，孔辉科技于2 ...

在智能驾驶商业化落地方面，DeepWay深向同样走在行业前列。目前，DeepWay深向已率先在全 系最新车型中实现组合辅助驾驶系统标配，智驾付费订阅率持续提升。这一进展得益于公司始终以市 场核心需求为导向，坚持智驾功能的实用性与经济性为第一优先级，通过高性价比方案快速实现商业 闭环。同时，大规模量产交付也为公司积累了大量真实运营场景数据，为后续无人驾驶所需的感知、 决策与控制算法提供了可复用的数据与工程基础。 据IPO早知道消息，DeepWay深向日前完成Pre-IPO轮融资，总募集金额达11.77亿元，这也是自 动驾驶新能源重卡赛道历史最大单笔融资。 本轮融资由普华资本领投，ABC Impact、欣旺达、前海淏天、瀚棠置业、临沂国科、长兴创强基 金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资。本轮融资资金主要用于 集团主营业务的运营和发展，进一步夯实其在智能新能源重卡领域的领先地位。 作为全球首家通过正向定义打造智能新能源重卡解决方案并实现批量交付的企业，DeepWay深向是 坚持正向定义理念，采用"自有车辆+自研智驾技术"一体化双轮驱动发展战略，在传统燃油车技术体 系之外重新定义产品与 ...

双方进一步深化生成式AI驱动的战略合作。 据IPO早知道消息，英矽智能（Insilico Medicine）于1月27日宣布与齐鲁制药集团，及其下属上海 齐鲁制药研究中心达成药物研发战略合作，将依托英矽智能自有Pharma.AI解决方案，针对特定靶点 开展小分子抑制剂合作开发，关注心血管与代谢类疾病领域管理。 根据协议约定，英矽智能将利用自主搭建的Pharma.AI平台，关注用于代谢疾病领域的新颖小分子药 物设计与优化，齐鲁制药集团将负责后续开发与商业化工作。合同总额超9.31亿港元，包含开发和 销售里程碑付款，以及单位数的后续净销售额分成。 齐鲁制药集团董 事副总裁，全球研发负 责人陶维康博士 表示，"作为中国领先的制药企业，齐鲁始 终非常重视AI的快速进展特别是在药物研发中的应用及其潜力，并积极进行布局。英矽智能是AI制药 领域的知名生物技术公司，拥有领先的AI技术和应用能力。此次合作标志着从初期的软件授权到紧密 合作研发的深化，我们期待这一创新药物开发项目将齐鲁长期积累的研发经验和能力与英矽智能领先 的AI平台及AI驱动的新药研发经验有机结合，解决未满足的临床需求，为全球患者带来福音。" 英矽智能创始人 ...