鸣鸣很忙招股：获2亿美元基石投资，腾讯与淡马锡加持，1月28日上市

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") has officially launched its global offering and plans to list on the Hong Kong Stock Exchange on January 28, aiming to raise approximately HKD 3.124 billion from the IPO [1]. Group 1: IPO Details - Mingming Hen Mang plans to issue a total of 14.1011 million shares, with approximately 12.6909 million shares allocated for international offering and about 1.4102 million shares for public offering in Hong Kong [1]. - The Hong Kong public offering will commence on January 20 at 9 AM and is expected to close on January 23 at 12 PM [1]. - The estimated net proceeds from the global offering, based on a median offer price of HKD 233.10, will be around HKD 3.124 billion after deducting related expenses [1]. Group 2: Investor Participation - The offering has attracted eight cornerstone investors, with a total subscription amount of approximately USD 195 million (around HKD 1.52 billion) [2]. - Notable cornerstone investors include Tencent and Temasek, each subscribing USD 45 million, BlackRock with USD 35 million, and Fidelity with USD 30 million [3][4]. Group 3: Financial Performance - For the nine months ending September 30, 2025, Mingming Hen Mang reported revenue of RMB 46.372 billion, a year-on-year increase of 75.2% from RMB 26.465 billion [5][6]. - The adjusted net profit for the same period was RMB 1.810 billion, reflecting a significant growth of 240.8% compared to RMB 531 million in the previous year [6]. - The company has a total of 21,041 stores nationwide as of November 30, 2025, with a retail sales volume (GMV) of RMB 66.1 billion, marking a 74.5% increase year-on-year [5]. Group 4: Use of Proceeds - The funds raised from the IPO will primarily be used to enhance supply chain capabilities, product development, store network upgrades, and ongoing support for franchisees [4]. - Additionally, the company plans to invest in brand building, digital transformation, and strategic acquisitions to solidify its position in the retail sector of leisure food and beverages [4].