5Y News｜Congratulations to Mingming Busy on its successful listing on the Hong Kong Stock Exchange!
Serving hundreds of millions of families with "value for quality."
On January 28, China's largest leisure food and beverage retail chain — Hunan Mingming Henmang Commercial Chain Co., Ltd. (hereinafter referred to as "Mingming Henmang") — officially listed on the Main Board of the Hong Kong Stock Exchange, trading under the stock name "Mingming Henmang" with the ticker 1768.HK. Based on the issue price of HK$236.60 per share, the IPO raised a total of HK$3.67 billion. As of 09:45 on its first trading day, Mingming Henmang's shares were trading at HK$430.00, up 81.74% from the issue price, giving it a market capitalization exceeding HK$92 billion.
Zhou Yan, founder, Chairman and CEO of Mingming Henmang, said: "We started from a single neighborhood store and have grown to more than 20,000 stores nationwide, becoming a staple of everyday life for ordinary people. Even if we someday become China's largest offline retail channel, our original aspiration remains unchanged. We want consumers to be able to access and afford quality snacks, to feel the joy of 'buying a big bag for just a few dozen yuan.' And we want our franchisees to earn a living through their own hard work, to build lives with promise."
"'Creating happy lives and becoming the people's snack brand' is our corporate vision, and it is the direction that every Mingming Henmang person will steadfastly pursue in the future. We will keep running, reaching more and farther places — wherever there are people, there can be Mingming Henmang, bringing that simple joy to more people."
Mingming Henmang operates two major brands, "Snack Henmang" and "Zhao Yiming Snacks," and is a pioneer of China's food and beverage discount retail model. In the first nine months of 2025, Mingming Henmang achieved gross merchandise value (GMV) of RMB 66.1 billion. The group's national store network covers 28 provinces and cities at all tiers, with 59% of locations reaching into county towns and townships, making it a key physical retailer connecting mass consumption with China's food industry. For Mingming Henmang, going public is not the finish line but a new starting point for long-term development. With the backing of capital markets, the company will provide consumers with even better value-for-money products and happier shopping experiences.
From left to right: Jiangyun Jin, Managing Director at 5Y Capital; Zhou Yan, founder, Chairman and CEO of Mingming Henmang; Zhiyuan Cui, Executive Director at 5Y Capital
In 2023, 5Y Capital led Mingming Henmang's Series A++ round.
Jiangyun Jin, Managing Director at 5Y Capital, said: "5Y Capital began tracking and investing in the discount retail sector as early as 2020. We have always believed that even in today's world of highly developed e-commerce and instant retail, offline retail can still create irreplaceable unique value for consumers in specific categories. Companies that can deliver differentiated experiences will not only continue to expand their offline market share but will also fully benefit from the structurally declining cost of offline traffic.
Mingming Henmang's explosive growth stems both from its relentless pursuit of operational efficiency and from its precise response to consumers' three fundamental needs — value, convenience, and trust. These basic and enduring demands constitute the most solid underlying logic of retail. We believe that companies embracing such long-term values will become a foundational force in China's retail industry."
Zhiyuan Cui, Executive Director at 5Y Capital, said: "Congratulations to Mingming Henmang and the team on reaching another milestone! The dual upgrade of distribution efficiency and shopping experience has always been the core driving force in the evolution of global retail. As China's e-commerce penetration approaches saturation, offline formats are undergoing structural reshaping and renewal, which will inevitably give rise to a new generation of more vibrant retail chain giants.
Centered on its vision of 'creating happy lives and becoming the people's snack brand,' Mingming Henmang has built a distinctive community commerce infrastructure that has won genuine affection from consumers. From megacities to beautiful rural villages, consumers are driving the rapid growth of this new format through their real choices. The founding team's exceptional strategic vision and long-term conviction were precisely why 5Y Capital chose to stand firmly with them amid the challenging market environment of 2023. We believe the company will continue to forge ahead and deepen its commitment to being 'the people's snack brand,' bringing more value, convenience, and joy to Chinese consumers."
Rooted in People's Consumption, Responding to the Demands of the Times
Against the backdrop of expanding domestic demand and boosting consumption as economic priorities, how to meet people's daily needs for accessibility, quality, and affordability with greater efficiency and lower costs has become a critical challenge for the retail industry. Mingming Henmang has chosen a path distinct from traditional supermarkets and online platforms, embedding itself in communities and下沉 markets, using high-frequency, staple snack and beverage categories as its entry point. By reconstructing supply chains and compressing intermediary layers, it brings genuine "value-for-money" directly to consumers.
Building on its high-value-for-money offerings, Mingming Henmang layers on emotional value to deliver a relaxed, joyful shopping experience. Snacks naturally carry happiness — whether for holiday gatherings or everyday treats for children, they embody life's small pleasures. Mingming Henmang continuously optimizes store design, lighting, and displays to create a dazzling "scene of joy," transforming snack buying from mere routine into a happy way of life.
As of November 30, 2025, Mingming Henmang operated 21,041 stores, with a large portion located in county towns, townships, and neighborhoods, bringing quality, affordable, and abundant food supplies into the daily lives of ordinary families. "Small snacks" are becoming an important vehicle for serving the "big livelihood" of millions of households.
Reconstructing Supply Chains, Transforming Supply to Unlock Consumption Potential
Mingming Henmang releases value through efficiency gains. Through its discount retail model, the company connects directly with manufacturers and brand owners, leveraging scaled procurement, standardized operations, and a national warehousing and distribution network to substantially reduce distribution costs. While ensuring food safety and quality, it enables consumers to access goods of equivalent quality at more reasonable prices. As of September 30, 2025, Mingming Henmang had established partnerships with over 2,500 quality manufacturers, including 50% of the companies on the Hurun China Food Industry Top 100, with average prices for comparable products approximately 25% lower than offline supermarket channels.
As China's food industry matures, the market is shifting from a "seller's market" to a "buyer's market." Mingming Henmang is gradually becoming a crucial hub connecting real consumer demand with China's food manufacturing capabilities. The company curates and customizes products around consumer preferences, establishing a standardized process of "initial selection — sampling — trial sales — rollout," launching hundreds of new products monthly to form a rich, frequently updated, and structurally diverse product portfolio. As of September 30, 2025, Mingming Henmang carried approximately 3,997 SKUs across 7 major categories and over 750 brands.
On this foundation, Mingming Henmang goes deep into product origins to jointly optimize specifications and formats with manufacturers. As of September 30, 2025, approximately 34% of SKUs came from co-developed manufacturer partnerships, and 38% of products were sold in bulk-by-weight format. Through customized specifications, transparent packaging, smaller pack sizes, and bulk sales, the company lowers the barrier for consumers to try new products, making choices more intuitive and effortless. Leveraging consumer data from its proximity to end users, Mingming Henmang also participates deeply in upstream R&D. For example, based on insights into flavor preferences, its co-developed "sesame-flavored vegetarian tripe" with Yanjin Puizi sold 960 million units in the first nine months of 2025.
This model not only makes consumers more willing to buy and buy more advantageously, but also brings stable, predictable orders to upstream manufacturers, strengthening their confidence to invest in R&D and quality upgrades — creating a virtuous cycle where "consumers get value and the industry develops."
Deepening Presence in the Domestic Market, Serving the Real Economy
Mingming Henmang's rapid development rests on the solid foundation of China's unified large market, improved logistics infrastructure, and enhanced digital capabilities. Through its national warehousing and logistics network and standardized management system, the company has achieved stable, high-quality operations at a scale of tens of thousands of stores.
As of September 30, 2025, Mingming Henmang operated 48 intelligent modern warehousing and distribution centers, with a single-warehouse delivery radius of up to 300 kilometers, enabling 24-hour delivery to all stores nationwide. In the first nine months of 2025, warehousing and logistics costs accounted for 1.7% of total revenue; in 2024, inventory turnover was 11.6 days — both industry-leading figures.
While serving consumers, Mingming Henmang continues to amplify its contribution to the real economy. The company connects agricultural production, food processing, and terminal retail through its national store network, helping local food enterprises and agricultural raw materials reach broader markets and driving the overall upgrade of China's domestic snack supply chain. It supports 9,552 franchisees in entrepreneurship, creating substantial employment; and through its standardized, replicable model, it advances the continuous improvement of county-level commercial systems. This is the growth story of a people's livelihood-focused, real-economy-rooted snack retail enterprise.
Going Public: A New Beginning
In recent years, with rising food consumption levels, increasingly diverse consumption scenarios, and evolving consumer preferences, China's leisure food and beverage retail industry has grown significantly. According to reports from the National Bureau of Statistics and Frost & Sullivan, the industry's market size expanded from RMB 2.9 trillion in 2019 to RMB 3.7 trillion in 2024, representing a compound annual growth rate of 5.5%, and is projected to reach RMB 4.9 trillion by 2029.
This listing on the Hong Kong Stock Exchange marks Mingming Henmang's entry into a more transparent and stable phase of development. Going forward, the company will continue to anchor itself in China's massive consumer market, staying focused on "consumer demand" as its guiding principle. It will sustain investment in store network expansion, supply chain capabilities, product structure, and food safety systems, steadily enhancing service and operational capabilities.
Mingming Henmang will adhere to long-termism — running stores steadily, serving consumers well, and making high-value-for-money snacks an accessible everyday choice for more families. Delivering inclusive consumption through efficiency and connecting happy lives through snacks, Mingming Henmang is continuing to write a new chapter in China's snack retail story.
5Y Capital seeks out, supports, and inspires lonely entrepreneurs, providing support from the spiritual to all operational dimensions. We believe that if the "crazy" you in others' eyes begins to be believed in, the world will become a different place.
BEIJING · SHANGHAI · SHENZHEN · HONG KONG
