Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") is set to launch its global offering on January 20, with plans to list on the Hong Kong Stock Exchange on January 28, 2024, under stock code 01768 [1] Group 1 - Mingming Hen Mang plans to issue a total of 14.1011 million shares globally, with approximately 12.6909 million shares for international offering and about 1.4102 million shares for public offering in Hong Kong [3] - The estimated net proceeds from the global offering, based on a median offer price of HKD 233.10 per share, are approximately HKD 3.124 billion after deducting related expenses [3] - The company has secured cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately USD 195 million (or about HKD 1.52 billion) [3] Group 2 - Mingming Hen Mang has introduced eight cornerstone investors, including Tencent, Temasek, BlackRock, and Fidelity, among others, representing a mix of sovereign wealth funds and well-known asset management institutions [3] - The company has also received investments from notable firms such as Gao Rong Capital, Sequoia China, and others [3] Group 3 - As the largest snack and beverage retail chain in China, Mingming Hen Mang operates under the brands "Snacks Are Busy" and "Zhao Yiming Snacks," integrating its operational systems for enhanced supply chain and operational efficiency [4] - By September 30, 2025, the company aims to have 19,517 stores across 28 provinces and all tiered cities in China, with a target to exceed 20,000 stores, solidifying its market leadership [4] - In the first three quarters of 2025, Mingming Hen Mang achieved a GMV of RMB 66.1 billion, representing a year-on-year growth of 74.5%, serving 2.1 billion consumers, surpassing the total for the entire year of 2024 [4]