红杉中国合伙人苏凯（中）与鸣鸣很忙创始人、董事长兼CEO晏周（右），CFO王钰潼（右）在上市仪 式现场 本文为IPO早知道原创 作者|Stone Jin 微信公众号|ipozaozhidao 据IPO早知道消息，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）于2026年1月28日正式 以"1768"为股票代码在港交所主板上市，成为港股"量贩零食第一股"。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：IPO早知道 成立至今，鸣鸣很忙已获得红杉中国、高榕创投、黑蚁资本、启承资本、五源资本等多家知名机构的投 资，并在本次IPO发行中引入了腾讯、淡马锡、贝莱德、富达基金、泰康人寿、博时国际、易方达、淡 水泉等一众基石投资者。 其中，红杉中国是零食很忙最早的机构投资者，于2021年4月联合领投了零食很忙A轮融资，由红杉中 国合伙人苏凯和投资合伙人郭山汕共同主导；同时，红杉中国在此后多轮融资中加持，并在零食很忙和 赵一鸣零食合并时给予了重要支持。IPO前，红杉中国持股比例7.07%，是鸣鸣很忙最大的外部机构股 东，苏凯担任鸣鸣很忙非执行董事，且红杉中国团队在鸣鸣很忙战略发展与 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 28, 2026, becoming the first "bulk snack stock" in Hong Kong, raising a total of HKD 3.67 billion through the issuance of 15,511,200 shares at an issue price of HKD 236.60 per share [2][24]. Group 1: IPO Details - The Hong Kong public offering was oversubscribed by 1,899.49 times, while the international offering was oversubscribed by 44.44 times, marking one of the highest international subscription multiples for consumer IPOs in recent years [2][25]. - The total fundraising amount of HKD 3.67 billion exceeded that of previous consumer IPOs, such as Mixue Ice Cream and Bluer [2][25]. Group 2: Founder's Vision and Company Growth - The founder and CEO, Yan Zhou, emphasized the company's mission to provide affordable snacks that bring joy to consumers, aiming to become a staple in everyday life with over 20,000 stores nationwide [5][27]. - Mingming Hen Mang has integrated its dual brands, "Snacks Are Busy" and "Zhao Yiming Snacks," to enhance supply chain efficiency and operational standards [5][27]. Group 3: Market Strategy and Consumer Engagement - The company focuses on community and lower-tier markets, utilizing a high-frequency demand model for snacks and beverages, thereby enhancing the quality-to-price ratio for consumers [7][29]. - As of November 30, 2025, the company operated 21,041 stores, primarily located in county towns and communities, making quality snacks accessible to ordinary families [9][31]. Group 4: Supply Chain and Product Development - Mingming Hen Mang has established partnerships with over 2,500 quality manufacturers, achieving an average product price that is approximately 25% lower than that of traditional supermarkets [9][31]. - The company has developed a standardized process for product selection and customization, with around 34% of SKUs being custom-made in collaboration with manufacturers [10][32]. Group 5: Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of CNY 1.81 billion, reflecting a significant growth of 240.8% [13][36]. - From 2022 to 2024, revenue grew from CNY 4.286 billion to CNY 39.344 billion, with a compound annual growth rate of 203% [14][36]. Group 6: Industry Context - The Chinese snack retail industry has seen significant growth, with market size increasing from CNY 29 trillion in 2019 to CNY 37 trillion in 2024, and projected to reach CNY 49 trillion by 2029 [15][37]. - The transition from a seller's market to a buyer's market in the food industry has positioned Mingming Hen Mang as a crucial link between consumer demand and food manufacturing capabilities [10][32].

鸣鸣很忙董事长、CEO 晏周 零售的尽头，可能真的是零食。 文 丨 宋玮 黄俊杰 编辑 丨 宋玮 过去十年中国零售业最重要的一次合并谈判，是在广州番禺一家普通日料店里的包间完成的。 晏周和赵定——零食很忙和赵一鸣零食的创始人——两个人、两分钟，敲定了合并方案。而在落座之 前，他们还是彼此最大的对手。 合并后，2023 年 11 月，新公司鸣鸣很忙诞生。两年多时间，门店总数从 6000 多家猛增到 21000 多 家，压过连续并购扩张的万辰集团，并仍在加速。而在这个过程中，几乎没有一位高管离开。 上市前夕，几乎从不公开露面的晏周接受了《晚点 LatePost》的独家专访，这是他创业以来的首次访 谈。我们聊了 6 个小时，吃掉了一桌零食。在这篇 18000 字的访谈里，你会看到长沙一间 40 平米的小 卖铺是如何用十年时间，成长为中国下沉零售之王。 开篇 零售的尽头，可能真的是零食 被打开的阀门 一群从南方县城走出的小镇青年，第一次创业，就做成了中国最大的休闲食品饮料零售公司， 也是仅次 于山姆的中国第二大线下零售公司。 这是独属于中国的草根创业故事。 盒马创始人侯毅很多年前判断，中国会诞生几千亿甚至万亿级线下零 ...

Core Viewpoint - The company "Ming Ming Hen Mang" (01768.HK) debuted on the Hong Kong stock market on January 28, 2023, and experienced a strong performance, with its stock price rising by 81.3% to HKD 429 per share, achieving a market capitalization of HKD 92.45 billion [2]. Group 1: IPO Performance - The stock's trading volume reached HKD 2.1 billion on its first day, allowing investors to earn over HKD 19,000 per lot of 100 shares [2]. - The public offering was highly successful, with a subscription rate of 1,899.49 times for the Hong Kong public offering and 44.44 times for the international offering, resulting in net proceeds of approximately HKD 3.528 billion after fees [2][3]. Group 2: Use of Proceeds - The company plans to allocate approximately 25% of the raised funds to enhance supply chain and product development capabilities, 20% for store network upgrades and franchisee support, and another 20% for brand building and marketing [2]. Group 3: Competitive Position and Growth - "Ming Ming Hen Mang" has a market capitalization that significantly exceeds its competitors, such as "Gu Ming" (01364.HK) and "Miniso" (09896.HK), by approximately HKD 44 billion [2]. - The company has rapidly expanded its store network, aiming to reach a total of 19,500 stores by September 2025, and has become the largest chain retailer in China in the snack food and beverage sector, with a GMV of RMB 66.1 billion in the first three quarters of 2025, representing a year-on-year growth of 74.5% [4]. - For the first nine months of 2025, the company reported revenue of RMB 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of RMB 1.81 billion, reflecting a substantial growth of 240.9% [4].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd., China's largest leisure food and beverage retail chain, officially listed on the Hong Kong Stock Exchange, marking a new phase for the company in its long-term development strategy [1][9]. Group 1: Company Overview - The company started as a community store and has expanded to over 20,000 stores nationwide, aiming to provide affordable snacks to consumers and create opportunities for franchisees [3]. - Mingming Hen Mang operates two major brands: "Snacks Hen Mang" and "Zhao Yiming Snacks," leading the bulk retail model in China's food and beverage sector [3]. Group 2: Market Position and Strategy - As of September 2025, the company achieved a retail sales volume (GMV) of 66.1 billion RMB, with 59% of its stores located in county towns and rural areas, connecting mass consumption with China's food industry [3][4]. - The company focuses on high-frequency, essential snack and beverage needs, restructuring the supply chain to deliver better price-performance ratios to consumers [4][5]. Group 3: Supply Chain and Product Offering - Mingming Hen Mang has established partnerships with over 2,500 quality manufacturers, with average product prices approximately 25% lower than those in offline supermarket channels [6]. - The company has a diverse product range with around 3,997 SKUs across seven categories and over 750 brands, continuously introducing hundreds of new products monthly [6][7]. Group 4: Logistics and Operational Efficiency - The company operates 48 smart logistics centers, achieving nationwide 24-hour delivery, with logistics costs accounting for only 1.7% of total revenue as of September 2025 [8]. - The company supports local food enterprises and agricultural products, enhancing the overall supply chain for domestic snacks and creating numerous job opportunities [8]. Group 5: Industry Growth and Future Outlook - The Chinese leisure food and beverage retail industry is projected to grow from 2.9 trillion RMB in 2019 to 3.7 trillion RMB by 2024, with a compound annual growth rate of 5.5% [9]. - The listing on the Hong Kong Stock Exchange signifies a commitment to transparency and stability, with plans to enhance service and operational capabilities while focusing on consumer needs [9].

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].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") officially listed on the Hong Kong Stock Exchange on January 28, 2026, becoming the first "bulk snack stock" in Hong Kong, raising a total of HKD 3.67 billion through the issuance of 15,511,200 shares at an issue price of HKD 236.60 per share [3][4]. Group 1: IPO and Market Performance - The Hong Kong public offering was oversubscribed by 1,899.49 times, while the international offering was oversubscribed by 44.44 times, marking one of the highest international placement multiples for consumer IPOs in recent years [3][4]. - As of 10:00 AM on the listing day, the stock price rose to HKD 433.2, an increase of 83.09% from the issue price, resulting in a market capitalization of HKD 92.7 billion [4]. Group 2: Business Model and Strategy - Mingming Hen Mang aims to create a joyful life and become the people's snack brand, focusing on providing affordable and accessible snacks to consumers [6]. - The company operates as China's largest chain retailer of leisure food and beverages, integrating its dual brands "Snacks Are Busy" and "Zhao Yiming Snacks" to enhance operational efficiency and supply chain management [8]. - The company has adopted a community-focused approach, targeting lower-tier markets and utilizing a high-frequency demand model for snacks and beverages, thereby optimizing the supply chain and reducing costs [10]. Group 3: Store Expansion and Product Offering - As of November 30, 2025, Mingming Hen Mang had over 21,041 stores, primarily located in county towns and communities, making quality and affordable food accessible to ordinary families [12]. - The company has established partnerships with over 2,500 quality manufacturers, with an average product price approximately 25% lower than that of offline supermarkets [12]. - The product range includes around 3,997 SKUs across seven categories and over 750 brands, with a monthly introduction of hundreds of new products [12][13]. Group 4: Financial Performance - For the first three quarters of 2025, the company achieved revenue of CNY 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of CNY 1.810 billion, up 240.8% year-on-year [17]. - From 2022 to 2024, revenue grew from CNY 4.286 billion to CNY 39.344 billion, with a compound annual growth rate of 203% [18]. - The gross margin increased from 7.5% to 9.7%, while the adjusted net margin rose from 1.9% to 3.9% during the same period, indicating enhanced profitability [18]. Group 5: Industry Context and Future Outlook - The retail industry in China is transitioning from a seller's market to a buyer's market, with the market size expected to grow from CNY 29 trillion in 2019 to CNY 37 trillion by 2024, and further to CNY 49 trillion by 2029 [18]. - Mingming Hen Mang's innovative business model and focus on efficiency have positioned it to meet the increasing demand for quality and affordable snacks in the evolving retail landscape [25][26].

Group 1 - The S&P 500 index in the US reached a new all-time high, with most popular Chinese concept stocks rising [1] - The Hong Kong stock market opened higher, with the Hang Seng Index up by 0.73%, the National Index up by 0.63%, and the Hang Seng Tech Index up by 0.56% [1] - Major technology stocks generally saw gains, with JD.com rising by 1.5%, while Baidu experienced a decline [1] Group 2 - Spot gold prices surpassed $5,200, leading to significant gains in gold stocks, with Chifeng Jilong Gold Mining rising by 4.5% and other companies like Zhaojin Mining and Zijin Mining increasing by over 2% [1] - Property management stocks faced notable declines, with a projected revenue growth of 5-7% for the fiscal year 2025, but a profit drop of 9-10%, leading to China Overseas Property opening down over 10% [1] - Snack retail chain Mingming Hen Mang saw a strong debut, opening 88% higher, while Changfei Optical Fiber and Cable surged over 14%, reaching a new historical high [1]

Core Viewpoint - The company "Mingming Hen Mang" is set to launch its IPO on January 28, 2026, aiming to become the first stock of its kind in the Hong Kong market, despite facing challenges related to its rapid expansion and low profit margins [1][4]. Group 1: Company Overview - "Mingming Hen Mang" was established in 2017 and has rapidly expanded through a franchise model, targeting lower-tier markets, resulting in a significant increase in store count to 21,000 by November 2025, with a net addition of 14,400 stores in less than two years [2][15]. - The company operates on a model similar to a middleman, with a gross margin of less than 10%, but has achieved high revenue growth due to its large scale, reporting revenues of 46.371 billion yuan and an adjusted net profit of 1.81 billion yuan for the first three quarters of 2025 [3][8]. Group 2: Financial Performance - From 2022 to 2025, the company reported revenue growth from 4.286 billion yuan to 46.371 billion yuan, with compound annual growth rates of 203% over three years [8]. - The adjusted net profit increased from 81 million yuan in 2022 to 1.81 billion yuan in 2025, with a compound annual growth rate of 234.6% during the same period [8]. Group 3: IPO Details - The company plans to raise approximately 3.3 billion HKD (about 2.97 billion yuan) through its IPO, with a share price range set between 229.60 and 236.60 HKD [6][4]. - Major investors, including Tencent and Temasek, have committed around 195 million USD (approximately 1.52 billion HKD) to participate in the IPO [5]. Group 4: Market Competition - The company faces significant competition from "Wancheng Group," which has a higher gross margin and is also expanding rapidly, with reported revenues of 36.562 billion yuan for the first three quarters of 2025 [9][10]. - As of September 2025, "Mingming Hen Mang" had over 180 million registered members, while "Wancheng Group" had 15,365 stores and over 110 million active members [11][10]. Group 5: Operational Challenges - The company relies heavily on franchise stores, which account for 99.9% of its outlets, leading to governance challenges and quality control issues, as evidenced by numerous consumer complaints regarding product quality [13][16]. - The average monthly profit per store has decreased to approximately 5,500 yuan, and the payback period for franchisees has extended from 12 months to an average of 29 months [15][14].

知情人士称，中国零食零售商鸣鸣很忙势将于周四停止接受机构投资者的认购，比预期提前一天。 据知情人士透露，各地区的认购将于下午5点截单。 鸣鸣很忙暂未回应置评请求。（新浪财经） ...