Mingming is very busy, and the hidden market has skyrocketed by 76%! Earning 18000 yuan on one hand

The stock performed particularly well in the dark market of Futu, closing at HKD 416.8, a significant increase of 76.16% from the offering price of HKD 236.6, with a single share increase of HKD 180.2. Calculated based on 100 shares per lot, the winning investors earned HKD 18020 on paper; On the Hui Li trading floor, the stock closed at HKD 408, an increase of 72.44%. Both dark market channels recorded strong gains, confirming the recognition of the capital market for it.

The previously disclosed distribution results have indicated market heat, and Mingming is very busy with the public offering process, showing a hot trend. Data shows that the company received a total of 229200 valid applications for its public offering, with an oversubscription multiple of 1898 times, setting a new high in the recent popularity of consumer new stock subscriptions in Hong Kong stocks. In the extremely popular subscription scene, the first hand signing rate is only 3%, and even the "top hammer fly" that cost 168 million yuan failed to ensure a stable first hand, which shows the market's enthusiasm for fundraising. The international offering also performed strongly, with over 43 times oversubscription, which shows the global capital's pursuit of this "Hong Kong's top selling snack stock".

1、 The fundraising amount has been increased to 3.67 billion yuan, with the endorsement of the luxury cornerstone lineup

The enthusiastic response from the market has pushed Mingming to further expand its fundraising scale. The company has fully exercised its 10% adjustment right for the sales volume, increasing the total fundraising amount to 3.67 billion yuan, and reserving sufficient funds for future business expansion. The reason why this IPO is highly favored is not only due to the scarcity of the track, but also the core support of the luxurious cornerstone investor lineup. Eight top domestic and foreign institutions, including Tencent, Temasek, BlackRock, and Fidelity Fund, formed the cornerstone group, subscribing a total of $195 million. Tencent and Temasek each claimed a purchase amount of $45 million, demonstrating the firm confidence of top capital in its track position and growth potential.

Looking back at the financing process, Mingming's busy schedule has long been the focus of capital pursuit. Since the Series A financing in 2021, well-known institutions such as Sequoia Capital and Gaorong Venture Capital have taken the lead in layout. In subsequent Series A+and Series B financing, industrial capital and financial capital such as Haoxiangyou and Yanjinpuzi have continued to invest, forming a multi-level capital endorsement system. After this listing, the company's executive directors Yan Zhou, Zhao Ding, and their affiliated entities will collectively control approximately 57.76% of the voting rights, ensuring the company's strategic stability and achieving a deep binding between capital and industry.

2、 Upward logic: driven by both high performance growth and track barriers

The busy market heat of Mingming is not accidental, as strong performance growth and deep track barriers constitute its valuation support. As the largest leisure food and beverage chain retailer in China, the company owns two major brands, "Snacks Busy" and "Zhao Yiming Snacks". After the merger at the end of 2023, the company achieved rapid expansion in scale. As of the end of November 2025, the number of stores has exceeded 21000, with 59% located in county towns and townships, covering 1341 counties, and a coverage rate of 66% in the sinking market, building a wide terminal network.

The financial data continues to be impressive. In the first nine months of 2025, the company achieved a revenue of 46.371 billion yuan, a year-on-year increase of 75.2%; The adjusted net profit was 1.81 billion yuan, a year-on-year increase of 240.8%, and the average annual compound growth rate of adjusted net profit from 2022 to 2024 reached 234.6%. While expanding in scale, the quality of profitability has steadily improved, with a gross profit margin rising from 7.5% in 2022 to 9.7%, breaking the industry curse of "the larger the scale, the thinner the gross profit" and demonstrating strong profitability and operational resilience.