Core Viewpoint - The company "Yujian Xiaomian" (02408.HK), known as the "first stock of Chinese noodle restaurants," experienced a disappointing debut on the Hong Kong Stock Exchange, with its share price dropping significantly below the IPO price. Group 1: IPO and Market Performance - Yujian Xiaomian opened at HKD 5 per share, a decline of 28.98% from the IPO price of HKD 7.04, and closed at HKD 5.08, resulting in a total market capitalization of HKD 3.61 billion [2] - The IPO saw oversubscription, with a total of 97.36 million H-shares issued, representing 13.7% of the post-issue total share capital, and a total fundraising of approximately HKD 685 million [3] - The Hong Kong public offering was oversubscribed by 425.97 times, while cornerstone investors, including Hillhouse Capital and Haidilao, subscribed for USD 22 million, accounting for about 25% of the total fundraising [3] Group 2: Company Background and Financials - Founded in 2014 by three alumni from South China University of Technology, Yujian Xiaomian specializes in Chongqing noodles, bowl mixed noodles, and sour and spicy noodles [3] - Revenue projections for 2022 to 2024 are HKD 418 million, HKD 801 million, and HKD 1.154 billion, respectively, with net profits expected to shift from a loss of HKD 35.97 million in 2022 to profits of HKD 45.91 million in 2024 [3] Group 3: Store Expansion and Challenges - As of November 18, 2025, Yujian Xiaomian has established 465 stores nationwide, with plans to open an additional 520 to 610 stores from 2026 to 2028, focusing on lower-tier cities and overseas markets [4] - However, the average daily sales per store decreased from HKD 13,880 in 2023 to HKD 12,402 in 2024, a decline of 10.79%, alongside a drop in average order value from HKD 36.1 to HKD 32 [5] - The company faces challenges such as a lack of regional diversification, a narrow product range centered on Chongqing noodles, and a single operational model, which may hinder its ability to expand effectively [5][6]
上市首日破发！遇见小面股价下跌27.84%