Core Viewpoint - Mingming is busy (01768) has successfully listed its shares at a price of HKD 236.6 per share, raising approximately HKD 3.528 billion in net proceeds, with a significant initial trading surge of 88.08% to HKD 445 per share [1] Company Overview - Mingming is the largest chain retailer of snack food and beverages in China and a leader in the food and beverage wholesale model [1] - The company operates two major brands: "Snacks are Busy" and "Zhao Yiming Snacks" [1] - The store network is strategically located in high-traffic, easily accessible street locations, aiming to provide a joyful and comfortable shopping experience [1] Financial Performance - As of November 30, 2025, the number of operational stores is projected to reach 21,041 nationwide [1] - For the nine months ending September 30, 2025, the national retail sales (GMV) reached RMB 66.1 billion, reflecting a year-on-year growth of 74.5% [1] - The company has served over 2.1 billion customers during the same period [1] Industry Position - According to the China Chain Store and Franchise Association, Mingming ranks among the top 10 in the Chinese chain industry for 2024 and is noted as one of the fastest-growing chain enterprises [1]