鸣鸣很忙今起招股：获腾讯、淡马锡、贝莱德、富达等豪华基石阵容约2亿美元认购

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. plans to launch its IPO, aiming to become the "first stock of bulk snack food" in Hong Kong, with a fundraising target between HKD 32.37 billion and HKD 33.36 billion, and a market valuation between HKD 491.58 billion and HKD 506.56 billion [2][8]. Group 1: IPO Details - The IPO will issue 14,101,100 H-shares, with 1,410,200 shares available for public offering in Hong Kong and 12,690,900 shares for international offering [2]. - The price range for the shares is set between HKD 229.60 and HKD 236.60 [2]. Group 2: Investor Participation - The IPO has attracted a prestigious cornerstone investor lineup, with eight investors committing approximately USD 195 million, including Tencent and Temasek, each investing USD 45 million [3][4]. - Other notable investors include BlackRock with USD 35 million and Fidelity with USD 30 million [3]. Group 3: Business Model and Market Position - Mingming Hen Mang is the largest leisure food and beverage retail chain in China, operating under the brands "Snacks Are Busy" and "Zhao Yiming Snacks," with a focus on integrated operations and standardized management [5]. - As of September 30, 2025, the company operates 19,517 stores across 28 provinces and all tiered cities in China, aiming to exceed 20,000 stores by 2025 [5]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported a revenue of RMB 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of RMB 1.81 billion, up 240.8% [8]. - From 2022 to 2024, revenue grew from RMB 4.286 billion to RMB 39.344 billion, with a compound annual growth rate (CAGR) of 203% [8]. Group 5: Supply Chain and Digitalization - The company has established partnerships with over 2,500 quality manufacturers, achieving a 24-hour efficient replenishment system supported by a robust supply chain [6]. - Mingming Hen Mang has developed comprehensive digital capabilities across its operations, enhancing efficiency and standardization, and is recognized for its innovative use of data in supply chain management [7].