鸣鸣很忙，传已展开香港上市预路演，IPO募资或达39亿

Core Viewpoint - The company "Ming Ming Hen Mang," the parent of snack chains "Ling Shi Hen Mang" and "Zhao Yi Ming Snack," is preparing for an IPO, aiming to raise between $400 million to $500 million, significantly higher than earlier estimates of $100 million to $200 million [2] Group 1: IPO Details - Ming Ming Hen Mang has initiated a pre-IPO roadshow and is set to list on the Hong Kong Stock Exchange [2] - The company received its overseas listing approval from the China Securities Regulatory Commission on December 11, 2025, and plans to issue up to 76.6664 million shares [2] - A total of 25 shareholders intend to convert 198 million shares of unlisted domestic shares into overseas listed shares for trading on the Hong Kong Stock Exchange [2] Group 2: Business Overview - As of September 30, 2025, Ming Ming Hen Mang operates a network of 19,517 stores across 28 provinces and all tiered cities in China, with approximately 59% of its stores located in county and town areas [2] - According to a report by Frost & Sullivan, Ming Ming Hen Mang is the largest chain retailer in China by GMV for leisure food and beverage products in 2024 [2] - The company is also ranked as the fourth largest chain retailer in China by GMV for food and beverage products in 2024, demonstrating rapid growth [2] - Ming Ming Hen Mang is recognized as one of the top ten chain retailers in China for 2024 and is noted as the fastest-growing among these top ten retailers [2]