(2)整体协调人(为其本身及代表国际包销商)于2026年2月10日(星期二)按全球发售项下最终发售价每股发 售股份236.60港元(不包括1.0%经纪佣金、0.0027%证监会交易徵费、0.00565%联交所交易费及0.00015% 会财局交易徵费)悉数行使超额配股权，涉及合共2,326,600股发售股份，以促成将部分H股交付予已同 意延迟交付其根据全球发售认购的相关H股的承配人。 于稳定价格期间，稳定价格经办人并无出于稳定价格目的在市场上购入或出售任何股份。 格隆汇2月23日丨鸣鸣很忙(01768.HK)公告，根据香港法例第571W章《证券及期货(稳定价格)规则》第 9(2)条的规定，本公司宣布，有关全球发售的稳定价格期间于2026年2月22日(星期日)(即递交香港公开 发售申请截止日期後第30日)结束。稳定价格经办人高盛(亚洲)有限责任公司或代其行事的任何人士于稳 定价格期间进行的稳定价格行动载列如下： (1)于国际发售超额分配合共2,326,600股发售股份，约占全球发售项下可供认购发售股份总数的15%(经 计及发售量调整权已获悉数行使但于行使超额配股权之前)；及 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 除本公告另有界定者外，本公告內所用詞彙與湖南鳴鳴很忙商業連鎖股份有限公司（「本公司」） 所刊發日期為2026年1月20日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。本公告僅供參 考，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並非招股章程。決定是否投 資發售股份前，有意投資者應細閱招股章程，以了解下述有關本公司及全球發售的詳細資料。 任何有關發售股份的投資決定應僅依賴招股章程中所提供的資料而作出。 本公告不會直接或間接於或向美國（包括其領土及屬地、任何美國州份以及哥倫比亞特區）發 佈、刊發或派發。本公告並不構成或成為美國境內或於任何其他司法權區購買或認購證券的任 何要約或招攬的一部分。發售股份並無亦不會根據《1933年美國證券法》（經不時修訂）（「美國 證券法」）或美國任何州 ...

Group 1 - The company Ming Ming Hen Mang (01768) announced the issuance and allocation of 2.3266 million H-shares due to the full exercise of the over-allotment option on February 13, 2026 [2][4]

Group 1 - The company Mingming is issuing and allocating 2.3266 million H-shares due to the full exercise of the over-allotment option [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 湖南鳴鳴很忙商業連鎖股份有限公司 呈交日期： 2026年2月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01768 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份 ...

Core Insights - The article highlights the increasing volume of package deliveries in rural areas during the Chinese New Year, with a notable rise in daily deliveries to over 700 packages, nearly doubling the usual amount [1] Group 1: Delivery Trends - The peak delivery period for New Year goods has shifted from traditional gifts and clothing to more miscellaneous items as the holiday approaches, reflecting changing consumer behavior [1] - The local postal service continues operations during the holiday season, with deliveries being made even on traditional holidays [1] Group 2: Consumer Behavior - Rural residents are increasingly engaging in online shopping, purchasing a variety of items such as household goods and festive decorations, indicating a shift towards e-commerce in rural areas [1] - Specific examples of purchases include practical items like a water filter and festive cooking supplies, showcasing the diverse needs of consumers during the holiday season [1] Group 3: Community Engagement - The article illustrates the joy and community spirit associated with receiving packages, as residents share their purchases and experiences, enhancing the festive atmosphere [1] - The interaction between delivery personnel and residents highlights the importance of local services in maintaining community connections during the holiday season [1]

Core Findings - In January 2026, a total of 22 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, raising a total of 42.839 billion yuan, with A-share IPO numbers halving compared to the previous month [7][8] - The number of IPOs decreased by 26.67% year-on-year and by 50% month-on-month, while the total amount raised increased by 2.17 times year-on-year but decreased by 21% month-on-month [8] - The Hong Kong Stock Exchange led in both the number of IPOs (12 companies) and the amount raised (33.717 billion yuan) [8] A-share Market Analysis - In January 2026, 9 Chinese companies went public in the A-share market, with a 25% year-on-year decrease and a 50% month-on-month decrease in IPO numbers [16] - The total amount raised in the A-share market was 9.053 billion yuan, reflecting a 27.47% year-on-year increase but a 71.18% month-on-month decrease [16] - The highest fundraising in the A-share market was achieved by Zhenstone Co., Ltd., which raised 2.919 billion yuan [16] Hong Kong Market Analysis - The Hong Kong market saw 12 IPOs in January 2026, with a 50% year-on-year increase but a 52% month-on-month decrease [18] - The total amount raised in Hong Kong was 33.717 billion yuan, marking a 5.62 times year-on-year increase and a 48.49% month-on-month increase [18] - The presence of AI-related companies in the IPOs indicates a significant investment interest from VC/PE institutions in the sector [18] US Market Analysis - Only 1 Chinese company completed an IPO in the US market in January 2026, representing a 90% year-on-year decrease [21] - The amount raised in the US was 0.07 billion yuan, a 94.71% year-on-year decrease [21] - Recent SEC policy changes are expected to further impact small companies' ability to go public in the US [21] VC/PE Exit Analysis - In January 2026, 13 companies with VC/PE backing went public, a 13.33% year-on-year decrease and a 62.86% month-on-month decrease [26] - The total exit return for VC/PE institutions was 109.455 billion yuan, a 15.3 times year-on-year increase [26] - The electronic information sector had the highest exit returns, with notable contributions from companies like Zhiyuan and Biran Technology [26] Industry and Regional Analysis - The electronic information sector led in both the number of IPOs and the amount raised, with 7 companies raising a total of 26.595 billion yuan [34] - Shanghai had the highest number of IPOs (5 companies) and the highest amount raised (18.384 billion yuan) [40] - The fundraising amount from Shanghai increased by 165.61 billion yuan year-on-year, the largest increase among regions [40] Key IPO Cases - The top fundraising companies included Biran Technology (5.017 billion yuan), MiniMax (4.318 billion yuan), and Haowei Group (4.297 billion yuan) [48] - The highest market capitalization on the first day was recorded by Haowei Group at 150.833 billion yuan [49]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][7]. Core Insights - The company, "Ming Ming Hen Mang," is a leading player in the casual food and beverage retail sector, focusing on a dual-brand strategy with "Zero Food Busy" and "Zhao Yi Ming Snacks" [6][17]. - The casual food and beverage retail market is expected to grow from RMB 2.9 trillion in 2019 to RMB 3.7 trillion by 2024, with a CAGR of 5.5% [6][41]. - The company has a strong market presence with 19,517 stores across 28 provinces, 59% of which are located in county and town markets, covering 1,341 counties [6][17]. Financial Data and Profit Forecast - Revenue is projected to grow significantly, with estimates of RMB 10,295 million in 2023, RMB 39,344 million in 2024, and reaching RMB 63,164 million by 2025, reflecting a year-on-year growth rate of 140.22% in 2023 and 282.15% in 2024 [5][7]. - Net profit attributable to ordinary shareholders is expected to rise from RMB 217 million in 2023 to RMB 834 million in 2024, and RMB 2,292 million in 2025, with growth rates of 203.45% and 283.44% respectively [5][7]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 33X, 24X, and 20X respectively, indicating a favorable valuation compared to peers [7]. Market Dynamics - The casual food and beverage retail market is characterized by a high degree of fragmentation, with the top five chain retailers holding only 6% market share in 2024 [6][55]. - The down-market segment is becoming a key growth driver, with GMV expected to reach RMB 2.3 trillion by 2024, growing at a CAGR of 6.5%, significantly outpacing high-tier markets [6][45]. Competitive Advantages - The company employs a dual strategy of expanding high-tier stores while penetrating lower-tier markets, enhancing its store network through a franchise model [6][9]. - The supply chain and logistics capabilities are robust, with partnerships established with over 2,500 suppliers, allowing for efficient procurement and cost management [6][20]. - The company is transitioning to a full-category "discount supermarket" model, optimizing store formats and expanding product offerings to enhance revenue potential [6][19]. Fundraising and Strategic Initiatives - The company plans to utilize raised funds to enhance supply chain capabilities, upgrade store networks, and strengthen brand promotion efforts [6][24]. - Future growth is anticipated through strategic investments and acquisitions, further solidifying the company's market position [6][24]. Valuation and Growth Potential - The company is expected to achieve revenues of RMB 631.64 billion, RMB 798.83 billion, and RMB 924.82 billion from 2025 to 2027, with corresponding net profits of RMB 22.92 billion, RMB 30.89 billion, and RMB 37.43 billion [7][8]. - The current market valuation suggests a potential upside of approximately 10% based on the average PEG ratio of comparable companies [7].

Core Viewpoint - The Hong Kong IPO market has become increasingly active in 2026, with insurance capital accelerating its investments in this market, highlighting a trend towards global asset allocation and the pursuit of undervalued quality assets [1][2][6]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion [1][6]. - In 2025, insurance capital participated in cornerstone subscriptions for 12 Hong Kong IPOs, amounting to HKD 2.620 billion [1][6]. - Key cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with significant allocations in companies like Muyuan Foods and Dongpeng Beverage [2][6]. Group 2: Market Dynamics and Investment Preferences - The low interest rate environment has made the Hong Kong market a primary avenue for insurance capital's global asset allocation, with many undervalued quality assets available [2][6]. - Companies listed in both A-shares and H-shares often have H-shares priced at a discount compared to A-shares, making them attractive for insurance capital seeking better valuations and higher dividend yields [2][6]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, with some projects experiencing competitive bidding [3][7]. Group 3: Performance and Tax Advantages - The Hong Kong capital market regained the top position globally for IPO fundraising in 2025, raising USD 37.4 billion, surpassing the total of the previous three years [3][7]. - Newly listed stocks have performed well, with an average first-day increase of 23.8% and a cumulative first-month increase of 30.7%, particularly in the biotech and healthcare sectors [3][7]. - Insurance companies benefit from tax advantages in Hong Kong, as they can avoid corporate income tax on dividends from H-shares held for over 12 months, enhancing their net returns compared to individual investors [8].

Core Viewpoint - The company Mingming is actively utilizing its overallotment option, issuing a total of 2.3266 million H-shares, which represents approximately 15% of the total shares available for subscription under the global offering after considering the exercise of the adjustment rights [1] Group 1 - The overallotment option has been fully exercised by the global coordinator and international underwriters [1] - The company will issue and allocate the overallotment shares at a final offering price of HKD 236.60 per H-share [1] - The overallotment shares will be used to facilitate the delivery of H-shares to subscribers who have agreed to delay the delivery of their subscribed shares [1]