Core Viewpoint - Wancheng Group is a leading and rapidly growing retail enterprise in the snack and beverage sector in China, aiming for an "A+H" dual listing and showcasing impressive financial growth and market penetration [2][5]. Group 1: Financial Performance - Wancheng Group is projected to achieve retail sales exceeding 73.3 billion yuan by 2025, with an average annual growth rate of 156.4% over the past three years [5]. - The total revenue for 2025 is expected to reach 51.46 billion yuan, representing a year-on-year increase of 59.2%, with an adjusted net profit of 2.57 billion yuan and a net profit margin of 5.0% [5]. - The snack retail business alone is anticipated to generate 50.86 billion yuan in revenue, marking a 60.0% increase year-on-year, with a gross margin of 12.3%, up by 1.4 percentage points [5]. Group 2: Market Expansion and Strategy - Wancheng Group has established a strong market presence in the Yangtze River Delta region, holding a 63% market share in snack and beverage retail by 2025 [6]. - The company is expanding into densely populated areas, particularly the "Shanhe Four Provinces" (Shandong, Shanxi, Henan, Hebei), where it is projected to hold a 55% market share by 2025 [6]. - The number of stores is expected to grow from 4,726 in 2023 to over 19,500 by February 2026, with retail sales increasing from 11.2 billion yuan in 2023 to 73.3 billion yuan in 2025 [8]. Group 3: Product and Brand Development - Wancheng Group is focused on optimizing its product mix, offering high-quality products at competitive prices, with retail prices 20-30% lower than similar products in large supermarkets and convenience stores [9][10]. - The company maintains a core SKU range of 1,800 to 2,000 items, with 30% of SKUs differing from traditional retail channels, and introduces approximately 220 new SKUs monthly to keep the product lineup fresh [10][12]. - The company has launched two private label series under the "Haoxianglai" brand, enhancing brand positioning and product competitiveness [12]. Group 4: Digitalization and Operational Efficiency - Wancheng Group is the first in China to fully digitize all core processes through its proprietary IT system, enhancing operational efficiency across various functions [13][14]. - The digital system supports site selection, product procurement, logistics, and membership management, allowing for real-time sales data analysis and improved consumer insights [14][16]. - The company provides comprehensive support to franchisees, including site selection, store design, and ongoing training, which has resulted in high satisfaction rates among franchise partners [16][18]. Group 5: Future Growth and Investment - The funds raised from the IPO will primarily be used to expand the store network, enhance store management, enrich the product portfolio, and improve digital capabilities [18]. - With a solid store network and a focus on refined operations, private label strategies, and a robust digital system, Wancheng Group is positioned to amplify its market presence and competitive edge [18].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of FUJIAN WANCHEN FOOD GROUP CO., LTD. 福建萬辰食品集團股份有限公司 (the "Company") (A joint stock company incorporated in the Peopl ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 FUJIAN WANCHEN FOOD GROUP CO., LTD. 福建萬辰食品集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例與香港公司註冊處處長登記前，本公司 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅 依據呈交香港公司註冊處註冊的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 聯席保薦人、 [編纂] (a) 本文件僅 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (Mingming Hen Mang) has successfully passed the Hong Kong Stock Exchange listing hearing and is set to become the "first stock of bulk snack retail" in Hong Kong, showcasing its sustainable growth and strong cash flow in the emerging retail sector [1] Group 1: Business Model and Market Position - Mingming Hen Mang operates two brands: "Snacks Hen Mang" and "Zhao Yiming Snacks," which merged in 2023 to become a benchmark in the snack and beverage retail sector [2] - The company has restructured its sales model focusing on supply chain optimization and store network expansion, filling a capital vacuum in the Hong Kong market for bulk snack retail [1][2] - As of September 30, 2025, the number of operational stores is projected to reach 19,517, with over 20,000 signed stores by the same date, covering 1,341 counties [2] Group 2: Financial Performance - For the first nine months of 2025, Mingming Hen Mang reported revenue of 46.371 billion yuan, a year-on-year increase of 75.2%, and an adjusted net profit of 1.81 billion yuan, up 240.8% [3] - The company's gross margin improved from 7.5% in 2022 to 9.7% by September 2025, while the adjusted net profit margin increased from 1.9% to 3.9%, countering industry concerns about profitability in large-scale operations [3] Group 3: Operational Efficiency and Digitalization - Mingming Hen Mang's hard discount model, characterized by direct procurement and cash settlement, significantly reduces intermediate costs, offering prices approximately 25% lower than similar products in offline supermarkets [3] - The company has developed a comprehensive digital system that integrates supply chain management, enabling real-time monitoring and customized operational improvements for franchisees [4][5] - The average inventory turnover days were recorded at 11.6 days in 2024 and 11.7 days in the first half of 2025, outperforming industry averages and traditional retail [5]

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. is set to become the first "hard discount" snack retailer listed on the Hong Kong Stock Exchange, showcasing strong growth and cash flow in the emerging retail sector [1] Group 1: Company Overview - Mingming Hen Mang has two brands: "Snacks Very Busy" and "Zhao Yiming Snacks," which merged in 2023 to form a leading benchmark in the snack and beverage retail sector [3] - The company aims to expand its store network significantly, targeting 19,517 stores by September 30, 2025, with over 20,000 signed stores reported [3] - Approximately 59% of its stores are located in county towns and rural areas, covering 1,341 counties by September 30, 2025, achieving a coverage rate of about 66% in all county towns [3] Group 2: Business Model and Strategy - The company employs a "hard discount" model, offering prices approximately 25% lower than similar products in offline supermarkets, appealing to consumers in lower-tier markets [4] - Mingming Hen Mang's revenue reached 46.371 billion yuan in the first nine months of 2025, a 75.2% year-on-year increase, with adjusted net profit soaring by 240.8% to 1.81 billion yuan [4] - The gross margin improved from 7.5% in 2022 to 9.7% by September 2025, while the adjusted net profit margin increased from 1.9% to 3.9%, countering concerns about profitability in large-scale operations [4] Group 3: Efficiency and Digitalization - The company has built a digital infrastructure that converts over 2.1 billion consumer interactions into core data assets, enhancing operational efficiency across the supply chain [7] - Mingming Hen Mang's inventory turnover days were 11.6 and 11.7 days for 2024 and the first half of 2025, respectively, outperforming industry averages [8] - The company has transitioned from a scale-driven strategy to an efficiency-driven operational model, focusing on optimizing supply chain processes and reducing costs [8]

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (Mingming Hen Mang) has officially passed the Hong Kong Stock Exchange listing hearing and is set to become the "first stock of bulk snack retail" in Hong Kong, showcasing its sustainable growth and robust cash flow in the emerging retail sector [1] Group 1: Business Model and Market Position - Mingming Hen Mang operates two brands: "Snacks Hen Mang" and "Zhao Yiming Snacks," which merged in 2023 to establish a strong presence in the snack and beverage retail sector [2] - The company has restructured its sales model focusing on supply chain optimization and store network expansion, filling a capital vacuum in the Hong Kong market for bulk snack retail [1][2] - As of September 30, 2025, the number of operational stores is projected to reach 19,517, with over 20,000 signed stores, primarily located in county and township areas [2] Group 2: Financial Performance and Growth - For the first nine months of 2025, Mingming Hen Mang reported revenue of 46.371 billion yuan, a year-on-year increase of 75.2%, and an adjusted net profit of 1.81 billion yuan, up 240.8% [3] - The company's gross margin improved from 7.5% in 2022 to 9.7% by September 2025, while the adjusted net profit margin increased from 1.9% to 3.9%, countering industry concerns about profitability in large-scale operations [3] Group 3: Operational Efficiency and Digitalization - Mingming Hen Mang's hard discount model is supported by a high-turnover supply chain, which enhances efficiency and reduces costs in the product flow process [4] - The company has developed a comprehensive digital system that integrates data from over 2.1 billion consumer interactions, enabling real-time monitoring and customized operational strategies for franchisees [4][5] - The average inventory turnover days were recorded at 11.6 days in 2024 and 11.7 days in the first half of 2025, outperforming industry averages and traditional retail benchmarks [5]

Core Viewpoint - The China Securities Regulatory Commission has approved the overseas listing and domestic full circulation registration of Hunan Mingming Henbang Commercial Chain Co., Ltd, indicating a significant step in the company's expansion strategy [1] Group 1: Company Overview - Hunan Mingming Henbang plans to issue up to 76,666,400 overseas listed common shares and list them on the Hong Kong Stock Exchange [1] - A total of 25 shareholders intend to convert their combined 198,079,551 shares of unlisted domestic shares into overseas listed shares for trading on the Hong Kong Stock Exchange [1] Group 2: Listing Timeline - The company first submitted its listing application to the Hong Kong Stock Exchange on April 28, 2025 [1] - The company updated its listing application materials on October 28, 2025, continuing to advance the listing process [1]

Investment Dynamics - Thunder Innovation has completed a Series C financing round led by CITIC Jinshi, with participation from CITIC Securities International Capital and CITIC Securities Investment. The funds will focus on R&D in near-eye display, AI algorithms, and multimodal interaction, aiming to transition AR glasses from niche products to mainstream smart devices [3] - Nestlé is intensifying its efforts to develop nutritional solutions targeting emerging growth areas, particularly focusing on women's health, longevity, and weight management through strategic collaborations with universities [6] - Timex Group has acquired a 51% stake in Daniel Wellington, marking the brand's entry into Timex's multi-brand matrix while maintaining its independence and design ethos [8] - Wancheng Group plans to launch a non-deal roadshow (NDR) for its Hong Kong IPO on November 11, aiming to raise approximately $300 million to $500 million, equivalent to about 2.1 billion to 3.6 billion RMB [11] - Meet Noodle is set to begin its pre-IPO roadshow this month, with expected fundraising between $100 million to $200 million, which will be used for store expansion and central kitchen development [14] - If Coconut Water has signed a memorandum of cooperation with the Shanghai Xihongqiao government to establish its first mainland China branch, enhancing its product matrix and consumer service experience [17] Financial Reports - Swire Properties reported that as of September 30, 2025, its three core shopping centers in Hong Kong maintained a 100% occupancy rate, with retail sales increasing by 3.6%, 3.0%, and 0.2% year-on-year [19] - Tapestry, the parent company of Coach, reported a 16% increase in sales for the first fiscal quarter, reaching $1.7 billion, with adjusted operating income rising by 24.2% to $354 million [21] Personnel Dynamics - PepsiCo plans to close two Frito-Lay facilities in Orlando, Florida, affecting a total of 500 jobs, as part of its strategy to curb declining snack sales in the U.S. [23] - Diageo has appointed Dave Lewis as CEO, effective January 1, 2024, who previously served as CEO of Tesco and has extensive experience at Unilever [26]

Core Viewpoint - Wancheng Group plans to launch a non-deal roadshow for its Hong Kong listing on November 11, with an expected transaction size of approximately $300 million to $500 million, aiming for a listing on the Hong Kong Stock Exchange in Q1 2026 [1] Company Overview - Wancheng Group is recognized as one of China's leading and fastest-growing scale snack and beverage retail enterprises, with a projected GMV growth of 282% from 2023 to 2024 [1] - The company's national brand "Haoxianglai" is expected to rank first in China's snack and beverage retail brand list by GMV in 2024, and it is the first retail brand in the country to exceed 10,000 stores [1] Financial Performance - For the first three quarters of 2025, Wancheng Group reported a revenue of 36.562 billion yuan, representing a year-on-year increase of 77.37% [1] - The net profit attributable to shareholders of the listed company reached 855 million yuan, showing a significant year-on-year growth of 917.04% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 806 million yuan, with a year-on-year increase of 955.27% [1] - The basic earnings per share stood at 4.684 yuan [1]

Core Viewpoint - Wancheng Group plans to launch a non-deal roadshow in Hong Kong on November 11, aiming for a listing on the Hong Kong Stock Exchange in Q1 2026, with an expected transaction size of approximately $300 million to $500 million [1] Company Overview - Wancheng Group is recognized as one of China's leading and fastest-growing scale snack and beverage retail enterprises, with a projected GMV growth of 282% from 2023 to 2024 [1] - The company's national brand "Haoxianglai" is expected to rank first in China's snack and beverage retail brand list by GMV in 2024, and it is the first mass snack and beverage retail brand in the country to exceed 10,000 stores [1] Financial Performance - For the first three quarters of 2025, Wancheng Group reported a revenue of 36.562 billion yuan, representing a year-on-year increase of 77.37% [1] - The net profit attributable to shareholders reached 855 million yuan, showing a remarkable year-on-year growth of 917.04% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 806 million yuan, with a year-on-year increase of 955.27% [1] - The basic earnings per share stood at 4.684 yuan [1]