鸣鸣很忙开启招股，2万家店撑起“量贩零食第一股”

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd., China's largest leisure food and beverage retail chain, is set to launch its global offering on January 20, with plans to list on the Hong Kong Stock Exchange on January 28 [1] Group 1: IPO Details - The company plans to issue a total of 14.1011 million shares, with approximately 12.6909 million shares for international offering and about 1.4102 million shares for public offering in Hong Kong [1] - The Hong Kong public offering commenced on January 20 and is expected to close at noon on January 23, with estimated net proceeds of approximately HKD 3.124 billion based on a median offer price of HKD 233.10 per share [1] Group 2: Cornerstone Investors - The IPO has attracted significant attention, with a strong lineup of cornerstone investors, including Tencent and Temasek, each subscribing USD 45 million [3] - Other notable investors include BlackRock and Fidelity, with subscriptions of USD 35 million and USD 30 million, respectively, indicating a diverse investor base [3] Group 3: Company Performance - As of November 30, 2025, the company operates 21,041 stores, making it the largest leisure food and beverage retail chain in China [5] - For the nine months ending September 30, 2025, the company's retail sales reached RMB 66.1 billion, a year-on-year increase of 74.5%, serving over 2.1 billion customers [5] - Revenue for the first nine months of 2025 was RMB 46.371 billion, up 75.2% year-on-year, with adjusted net profit rising 240.8% to RMB 1.81 billion [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 [6] - Additionally, the company plans to invest in brand building, digital transformation, and strategic acquisitions [6]