Group 1 - The company "Encounter Small Noodles" has officially launched its global offering in Hong Kong, planning to issue 97.3645 million shares, with an offering price range of HKD 5.64 to HKD 7.04 per share [2] - The expected net proceeds from the offering, assuming a median price of HKD 6.34 and excluding related expenses, is approximately HKD 551.6 million, with 60% allocated for expanding the restaurant network and market penetration [2] - The company has attracted several cornerstone investors, agreeing to subscribe for shares totaling approximately USD 22 million (about HKD 171 million), including participation from Haidilao's Singapore branch [3] Group 2 - Encounter Small Noodles was established in Guangzhou in 2014, specializing in Chongqing noodles and various Sichuan cuisine, with a significant increase in restaurant count from 170 at the end of 2022 to 465 as of November 18, 2023 [3] - The company has adopted a "price for volume" strategy, resulting in a decrease in average order value from RMB 36.2 in 2022 to RMB 31.8 in the first half of 2025 [3] - The company's revenue has shown strong growth, increasing from RMB 418 million in 2022 to RMB 1.154 billion in 2024, with a net profit of RMB 60.7 million projected for 2024 [3] Group 3 - Despite the revenue growth, the company faces challenges with customer traffic, as the overall table turnover rate for direct-operated stores decreased from 3.8 times per day in the previous year to 3.4 times per day in the first half of 2025 [4]

Core Viewpoint - Green Tea Restaurant (stock code: "6831") has initiated its IPO process, aiming for a listing on the Hong Kong Stock Exchange on May 16, 2025, with a share price set at HKD 7.19, targeting a net fundraising of HKD 746 million [2][4]. Fundraising and Use of Proceeds - The company plans to allocate HKD 472 million for expanding its restaurant network, HKD 200 million for establishing a central food processing facility, HKD 40.3 million for upgrading IT systems, and HKD 37.3 million for general corporate purposes [2]. - Eight cornerstone investors have committed a total of USD 87.33 million (approximately HKD 673 million) to the IPO [2][3]. Financial Performance - Green Tea Restaurant reported revenues of RMB 2.375 billion, RMB 3.589 billion, and RMB 3.838 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 114 million, RMB 296 million, and RMB 350 million during the same periods [6][7]. - The adjusted net profit for 2024 is projected to be RMB 361 million, with an adjusted net profit margin of 9.4% [7]. Restaurant Operations - As of December 31, 2024, Green Tea Restaurant operates 465 locations, having opened 120 new restaurants and closed 15 during the year [11]. - The same-store sales decreased by 10.3% in 2024 compared to the previous year, with declines across various regions [12]. Shareholder Structure - Prior to the IPO, the controlling shareholders, Wang Qinsong and Lu Changmei, held 65.8% of the shares. Post-IPO, their stake will reduce to 54.29%, while Partners Gourmet will hold 15.76% [18][20].