Mingming Henmang
鸣鸣很忙
Mingming Henmang (鸣鸣很忙) is China's largest casual food and beverage chain retailer, which listed on the Hong Kong Stock Exchange main board on January 28, 2026 under ticker 1768.HK, raising HK$3.67 billion at an issue price of HK$236.60 per share . The company grew from county-level street stores to the exchange floor, with 5Y Capital leading its A++ round in 2023 and remaining a close observer through the listing . Black Ant Capital's Yu He also invested after systematically researching lower-tier markets in 2021, viewing it alongside Yuanji Yunjiao as a bet on that demographic . 5Y Capital has pushed back against framing the chain as merely a "consumption downgrade" story, arguing the label doesn't capture its underlying vitality .
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Coverage
New Forces Keep Coming｜5Y News Monthly
The big news from last month.
五源资本·5Y Capital Investor Notes: Why Mingming Busy? The Truth Behind What's Misread as "Consumption Downgrade" | 5Y View
How does 5Y Capital identify "readaptation" signals in offline retail amid a challenging market environment?
五源资本·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."
五源资本·Consumer investor Yu He waited for two big fish like he was waiting for Godot.
I've stumbled through pitfalls and detours, celebrated victories, and felt the sting of regret.
暗涌Waves·
