Xin Lang Cai Jing·2025-12-05 05:45Core Viewpoint - The IPO of "Yujian Xiaomian," known as the "first stock of Chinese noodle restaurants," faced a disappointing debut on the Hong Kong Stock Exchange, opening significantly lower than its issue price, reflecting investor skepticism about the sustainability of rapid expansion in the restaurant sector [3][9]. Company Overview - Yujian Xiaomian officially listed on the Hong Kong Stock Exchange on December 5, with the stock code "09992.HK" [3][9]. - The company, founded in 2014 and headquartered in Guangzhou, focuses on Chongqing noodles and operates a dual model of direct sales and franchising [11]. IPO Performance - The stock opened at 5 HKD, a drop of nearly 29% from the issue price of 7.04 HKD, and closed at 5.12 HKD, marking a total decline of 27.27% with a market capitalization of 36.39 billion HKD [3][9]. - The IPO raised approximately 617 million HKD, with the Hong Kong public offering being oversubscribed by 425.97 times and the international offering by 4.99 times [10][12]. Financial Performance - Revenue is projected to grow from 418 million CNY in 2022 to 1.154 billion CNY in 2024, representing a compound annual growth rate (CAGR) of 66.2% [6][12]. - The company turned a profit in 2023, with a projected profit of 60.7 million CNY in 2024, and reported a revenue of 703 million CNY in the first half of 2025, a year-on-year increase of 33% [6][12]. Market Position and Strategy - Yujian Xiaomian has established 465 stores across 22 cities and Hong Kong, with plans to open 150 to 230 new stores annually from 2026 to 2028, including an expansion into Singapore [11][12]. - The Chinese fast-food market is nearing 300 billion CNY, with a focus on standardization and digitalization as key drivers for brand expansion [12].