New stock news | Ming Ming is busy (01768) today's IPO, led by cornerstone investors Tencent, Temasek, BlackRock, Fidelity, etc.

On January 20, the largest leisure food and beverage chain retailer in China, Hunan Ming Ming Heng Business Chain Co., Ltd. (hereinafter referred to as "Ming Ming Heng"), officially started its global sale. It is scheduled to be listed on the main board of the Hong Kong Stock Exchange on January 28, with the stock code 01768. Ming Ming Heng plans to sell a total of 14.1011 million shares globally, including approximately 12.6909 million shares for international sale and approximately 1.4102 million shares for public sale in Hong Kong. The public sale in Hong Kong began at 9 am on January 20 and is expected to end at 12 noon on January 23. Based on a median offer price of HK$233.10, the company estimates that it will receive net proceeds of approximately HK$3.124 billion from the global sale after deducting related expenses. Global top-tier capital endorsement, luxury cornerstone lineup debut The IPO of Ming Ming Heng has attracted widespread attention in the capital market, with a luxurious lineup of cornerstone investors. According to the prospectus, the issuance has attracted 8 cornerstone investors with a total subscription amount of approximately US$195 million (approximately HK$1.52 billion). Among them, Tencent subscribed US$45 million through its wholly-owned subsidiary Huang River Investment, demonstrating its recognition of emerging retail formats. The Singapore government investment company Temasek also subscribed US$45 million, and as an internationally renowned sovereign fund known for long-term investments, Temasek's participation shows solid confidence in Ming Ming Heng and the potential for consumption growth in China. In addition, leading global asset management institutions BlackRock and Fidelity subscribed US$35 million and US$30 million respectively, with well-known institutions such as Taikang Life, Bosera International, E Fund, and Springs Capital participating in this cornerstone investment. This structure of investors, covering global sovereign wealth funds, well-known domestic and foreign asset management institutions, and strategic investors in the consumer industry, including seasoned mutual funds, insurance companies, and top private equity funds, is rare in recent Hong Kong IPOs. Analysts point out that the collective endorsement of top institutions not only represents recognition of Ming Ming Heng's business development and financial stability, but also builds a solid defense for the company's valuation. Sitting firmly in the industry's top position, with a double leap in scale and profit The prospectus shows that Ming Ming Heng is the largest leisure food and beverage chain retailer in China and the leader in CHINA FOODS' beverage bulk sales model, with two major brands "Leisure Snacks Busy" and "Zhao Yiming Snacks" under its umbrella. As of November 30, 2025, Ming Ming Heng has 21,041 operating stores nationwide. For the nine months ending on September 30, 2025, the company's nationwide store retail sales (GMV) reached RMB 66.1 billion, an increase of 74.5% year-on-year, with a total of over 2.1 billion consumers served. As of September 30, 2025, the company has 19,517 stores nationwide, covering 28 provinces and major cities in China, with approximately 59% located in county towns and townships, penetrating deep into the lower-tier markets. According to data from the China Chain Store Association, Ming Ming Heng ranked in the top 10 of the Chinese chain industry in 2024 and was the fastest-growing chain enterprise. Financially, in the first nine months of 2025, the company achieved revenues of RMB 46.371 billion, a year-on-year increase of 75.2%; adjusted net profit was RMB 1.81 billion, a significant increase of 240.8% year-on-year. The operating net cash flow for the same period reached RMB 2.19 billion, demonstrating excellent cash-generating ability. From 2022 to 2024, Ming Ming Heng's revenue jumped from RMB 4.286 billion to RMB 39.344 billion, with a three-year compound growth rate of 203%; during the same period, adjusted net profit increased from RMB 81 million to RMB 9.13 billion, with a three-year compound growth rate of 234.6%. According to the prospectus, the funds raised from the Hong Kong IPO will be mainly used to enhance the supply chain capabilities and product development, upgrade the store network, strengthen the continuous empowerment of franchisees; meanwhile, the company will increase investment in brand building, digital level enhancement, strategic investment and acquisition, etc., further consolidating its leading position in the leisure food and beverage retail industry.