IPO周报 | 燧原科技科创板IPO获受理；半亩花田冲刺「港股国货个护第一股」

Group 1: IPO Updates - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. plans to list on the Hong Kong Stock Exchange on January 28, 2026, under the stock code "1768," aiming to become the "first stock of bulk snacks" in Hong Kong [3] - The company intends to issue 14,101,100 H-shares, with a fundraising target between HKD 32.37 billion and HKD 33.36 billion, and a market capitalization between HKD 491.58 billion and HKD 506.56 billion [3] - Mingming Hen Mang has attracted a high-profile cornerstone investor lineup, with eight cornerstone investors subscribing approximately USD 195 million, including Tencent and Temasek [4] Group 2: Company Performance - As of September 30, 2025, Mingming Hen Mang operates 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [5] - In the first three quarters of 2025, the company achieved a GMV of RMB 66.1 billion, a year-on-year increase of 74.5%, serving 2.1 billion consumers [5] Group 3: Other IPOs - Shanghai Suiruan Technology Co., Ltd. has submitted its IPO application for the Sci-Tech Innovation Board, focusing on AI chip design and development [7] - Suiruan Technology has invested RMB 4.419 billion in R&D from 2022 to the first nine months of 2025, with total revenue reaching RMB 1.654 billion [8] - Shandong Huawutang Cosmetics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "first stock of domestic personal care" [10][11] - Shenzhen Wook Feifan Technology Co., Ltd. has also submitted its IPO application, focusing on cross-border retail in Southeast Asia [14][15] Group 4: Financial Highlights - For Huawutang, revenue for 2023 and 2024 is projected at RMB 1.199 billion and RMB 1.499 billion, respectively, with a growth rate of 25% [11] - Wook's revenue for 2023 and 2024 is reported at RMB 908 million and RMB 1.049 billion, with a year-on-year growth of 15.5% [15] - Yunyin Valley Technology Co., Ltd. is recognized as the fifth largest supplier of AMOLED display driver chips globally, with a market share of 40.7% in the Micro-OLED display backplane market [20][21]