鸣鸣很忙(01768)1月20日至1月23日招股 拟全球发售1410.11万股H股 引入腾讯等基石投资者

Core Viewpoint - The company, Mingming Hen Mang (01768), is set to launch an IPO from January 20 to January 23, 2026, offering 14.1011 million H-shares at a price range of HKD 229.6 to HKD 236.6 per share, with a significant portion allocated for international investors [1] Group 1: Company Overview - The company is a mature and steadily growing food and beverage retailer in China, with a store network of 19,517 locations across 28 provinces and all tiered cities as of September 30, 2025 [1] - Approximately 59% of the company's stores are located in county towns and rural areas, focusing on providing a pleasant shopping experience with a wide range of high-quality products [1] - The company achieved a Gross Merchandise Volume (GMV) of RMB 555 billion in 2024, which increased to RMB 661 billion in the first nine months of 2025, representing a growth of 74.5% compared to the same period in 2024 [1] Group 2: Financial Performance - The company's revenue grew from RMB 4.286 billion in 2022 to RMB 10.295 billion in 2023, and further to RMB 39.344 billion in 2024, with a compound annual growth rate (CAGR) of 203.0% from 2022 to 2024 [5] - For the nine months ending September 30, 2025, revenue increased to RMB 46.372 billion, up from RMB 26.466 billion in the same period of 2024 [5] - The company's gross profit rose from RMB 319 million in 2022 to RMB 772 million in 2023, and further to RMB 2.999 billion in 2024, with a CAGR of 206.4% from 2022 to 2024 [5] Group 3: IPO and Fund Utilization - The company estimates a net amount of approximately HKD 3.124 billion from the global offering, which could increase to HKD 3.96 billion if the over-allotment option is fully exercised [3] - The net proceeds will be allocated as follows: 25% for enhancing supply chain and product development capabilities, 20% for store network upgrades, 20% for brand building and promotion, 20% for improving technology and digital capabilities, 5% for strategic investments, and 10% for working capital and general corporate purposes [4] Group 4: Strategic Partnerships - The company has entered cornerstone investment agreements with major investors including Tencent, Temasek, and BlackRock, agreeing to subscribe for approximately USD 195 million worth of shares at a median price of HKD 233.10 per share [2]