【IPO追踪】引入腾讯、贝莱德等豪华基石，鸣鸣很忙今起招股！

Core Viewpoint - The company Mingming Hen Mang (01768.HK) is set to launch its IPO in Hong Kong, aiming to raise approximately HKD 3.124 billion, with significant growth in revenue and store network expansion over the past two years [2][5]. Group 1: IPO Details - The company plans to issue 14.1011 million shares globally, with a price range of HKD 229.60 to HKD 236.60 per share [2]. - The net proceeds from the IPO will be allocated as follows: 25% for supply chain and product development, 20% for store network upgrades and franchisee empowerment, and 20% for brand building and marketing [2]. - The public offering period is from January 20 to January 23, with the final pricing and allocation results expected on January 27 [2]. Group 2: Company Performance - As of September 2025, the company has established a vast network of 19,500 stores, significantly surpassing its competitor Wancheng Group's 15,000 stores [5]. - The company reported a total merchandise transaction value (GMV) of RMB 66.1 billion for the first three quarters of 2025, positioning it as the largest chain retailer in China for leisure food and beverages [5]. - Revenue grew from RMB 4.286 billion in 2022 to RMB 39.344 billion in 2024, reflecting a compound annual growth rate (CAGR) of 203% [6]. Group 3: Financial Performance - For the first three quarters of 2025, the company achieved a net profit of RMB 1.559 billion, representing a year-on-year increase of over 210% [6]. - The company’s gross profit for 2025 is projected to reach RMB 4.51 billion, with a significant increase in profitability [6]. - As of September 2025, the company holds goodwill of RMB 2.25 billion, which may pose a risk of impairment if future performance does not meet expectations [6]. Group 4: Competitive Landscape - The main competitor, Wancheng Group, has submitted a listing application to the Hong Kong Stock Exchange and is currently awaiting approval [4]. - The stock price of Wancheng Group has surged nearly 1000% since August 2024, indicating strong market interest in the retail sector [7].