今天上午，鸣鸣很忙（股票代码：01768.HK）在港交所敲响上市钟声，这家从长沙街头走出的零食连锁巨头，正式迎来高光时刻。 根据发行价236.60港元/股测算，鸣鸣很忙此次IPO募资规模为35.28亿港元。上市当日，开盘价为445.00港元/股，较发行价上涨88.08%，对应总市值为 952.75亿港元，成为休闲食品零售领域一个关键性的里程碑事件。 截至2025年11月30日，鸣鸣很忙门店数达21041家，大量门店开设在县城、乡镇和社区周边，是少数真正下沉到亿万普通老百姓身边的量贩零食品牌。 从2021年至2025年，鸣鸣很忙进行了6轮总计20亿元的融资，投资方包括红杉中国、高榕创投、启程资本、明越资本、黑蚁资本、良品铺子等。 其中，从2021年A轮领投至今，红杉中国持股比例7.07%，是鸣鸣很忙最大的外部机构股东。这五年里，红杉中国见证鸣鸣很忙从区域品牌到行业第一的 跃迁。此外，红杉中国、五源资本在本次IPO发行中亦被分配了一定的份额。 鸣鸣很忙副董事长、赵一鸣零食创始人赵定与红杉中国合伙人苏凯 鸣鸣很忙副董事长、赵一鸣零食创始人赵定与鸣鸣很忙董事长、零食很忙创始人晏周 鸣鸣很忙旗下拥有"零食很忙""赵一鸣 ...

1月28日，鸣鸣很忙在港交所敲响上市钟声，这家从长沙街头走出的零食连锁巨头，正式迎来高光时 刻。开盘后，鸣鸣很忙市值突破900亿港元，是一年来资本市场最大的消费企业IPO之一。 从左至右依次为鸣鸣很忙CFO王钰 潼、红杉中国合伙人苏凯、鸣鸣很忙创始人兼董事长晏周 鸣鸣很忙旗下拥有"零食很忙""赵一鸣零食"两大品牌，是中国食品饮料量贩模式的引领者。2025年前9 个月，鸣鸣很忙实现零售额（GMV）661亿元人民币，集团全国门店已覆盖28个省份和各线城市，其中 59%深入县城与乡镇。截至2025年11月30日，鸣鸣很忙门店数达21041家，大量门店开设在县城、乡镇 和社区周边，让优质、平价、选择丰富的食品供给，真正走进普通家庭的日常生活。"小零食"，正在成 为服务千家万户"大民生"的重要载体。 从2021年400家店时的A轮领投，到2023年行业最大合并案时的"很快同意"，再到今天的IPO收获，这五 年里，红杉中国见证并陪伴了鸣鸣很忙从区域品牌到行业第一的跃迁。 "这么多年，红杉不像投资人，更像我们一个长期相伴的外部合伙人，关键节点的决策永远是笃定的站 在公司一侧，没有计算，没有权衡，就是相信。"鸣鸣很忙集团创始 ...

Core Viewpoint - The article highlights the successful IPO of "Mingming Hen Mang," China's largest leisure food and beverage retail chain, which achieved a market capitalization exceeding HKD 90 billion, marking it as one of the largest consumer IPOs in the past year [2]. Group 1: Company Overview - "Mingming Hen Mang" has expanded from a community store in Changsha to over 21,000 stores across 28 provinces, establishing itself as a leading offline retail channel in China [2]. - The company aims to fulfill its vision of being "the people's snack brand," and its IPO represents a significant milestone in this journey [2]. Group 2: Investment and Support - Sequoia China became an early institutional investor in "Mingming Hen Mang," leading its Series A financing in April 2021, and has since provided substantial support through multiple funding rounds and strategic guidance [4]. - The partnership between "Mingming Hen Mang" and Sequoia China is characterized by mutual trust and long-term collaboration, with Sequoia acting more like a partner than a traditional investor [6][12]. Group 3: Strategic Insights - The founder, Yan Zhou, emphasizes the importance of "aesthetic" in retail, which refers to a deep understanding of consumer needs and innovative business models that enhance the shopping experience [7]. - The company has effectively tapped into the market demand for casual snacks, with a focus on creating emotional value for consumers through appealing store designs and product offerings [14]. Group 4: Digital Transformation and Future Outlook - As the company scales, it faces challenges in traditional retail operations, prompting a shift towards digital transformation supported by Sequoia's expertise in technology and AI [10]. - The future strategy involves enhancing organizational capabilities, supply chain efficiency, and product systems to maintain competitive advantages in the evolving retail landscape [15].