| Stock Name | 遇见小面 |
|---|---|
| Stock Code | 02408 |
| Company Full Name | 遇见小面 |
| Industry | AI & Machine Learning |
| Principal Activities | modern Chinese noodle restaurants operator in China |
| Listing Date | 2025-12-05 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 廣東省廣州市天河區中山大道科韻路102號4樓4068室 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1912室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.xiaonoodles.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 7.04 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 3,520 |
| Par Value | RMB 0.02 / shares |
| Offer Period | 2025-11-27 to 2025-12-02 |
| Global Offering Shares | 97,364,500 shares |
| HK Public Offer Shares (Initial) | 9,736,500 shares (10.0%) |
| Public Offer Lots (Initial) | 19,473lots (9,736lots, 9,737lots) |
| International Placing Shares (Initial) | 87,628,000 shares (90.0%) |
| Offer Ratio | ~13.7% |
| Total Shares Post-IPO | 710,689,300 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 685,446,080 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 3,520 |
| 2 lots | 1,000 | HK$ 7,040 |
| 3 lots | 1,500 | HK$ 10,560 |
| 4 lots | 2,000 | HK$ 14,080 |
| 5 lots | 2,500 | HK$ 17,600 |
| 6 lots | 3,000 | HK$ 21,120 |
| 7 lots | 3,500 | HK$ 24,640 |
| 8 lots | 4,000 | HK$ 28,160 |
| 9 lots | 4,500 | HK$ 31,680 |
| 10 lots | 5,000 | HK$ 35,200 |
| 12 lots | 6,000 | HK$ 42,240 |
| 14 lots | 7,000 | HK$ 49,280 |
| 16 lots | 8,000 | HK$ 56,320 |
| 18 lots | 9,000 | HK$ 63,360 |
| 20 lots | 10,000 | HK$ 70,400 |
| 30 lots | 15,000 | HK$ 105,600 |
| 40 lots | 20,000 | HK$ 140,800 |
| 50 lots | 25,000 | HK$ 176,000 |
| 60 lots | 30,000 | HK$ 211,200 |
| 70 lots | 35,000 | HK$ 246,400 |
| 80 lots | 40,000 | HK$ 281,600 |
| 90 lots | 45,000 | HK$ 316,800 |
| 100 lots | 50,000 | HK$ 352,000 |
| 120 lots | 60,000 | HK$ 422,400 |
| 140 lots | 70,000 | HK$ 492,800 |
| 160 lots | 80,000 | HK$ 563,200 |
| 180 lots | 90,000 | HK$ 633,600 |
| 200 lots | 100,000 | HK$ 704,000 |
| 400 lots | 200,000 | HK$ 1,408,000 |
| 600 lots | 300,000 | HK$ 2,112,000 |
| 800 lots | 400,000 | HK$ 2,816,000 |
| 1,000 lots | 500,000 | HK$ 3,520,000 |
| 1,200 lots | 600,000 | HK$ 4,224,000 |
| 1,400 lots | 700,000 | HK$ 4,928,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,600 lots | 800,000 | HK$ 5,632,000 |
| 1,800 lots | 900,000 | HK$ 6,336,000 |
| 2,000 lots | 1,000,000 | HK$ 7,040,000 |
| 4,000 lots | 2,000,000 | HK$ 14,080,000 |
| 6,000 lots | 3,000,000 | HK$ 21,120,000 |
| 8,000 lots | 4,000,000 | HK$ 28,160,000 |
| 9,736 lots | 4,868,000 | HK$ 34,270,720 |
| Market Cap (at Offer Price) | HK$ 5,003,252,672 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不适用（公司处于亏损状态） |
| Profit/Loss Status | Net loss RMB36.0 million |
| Period-End Cash Balance | 人民币36,500,000元 |
| Listing Expenses | ~HK$ 5,700,000 |
| Listing Expenses / Funds Raised | ~0.83% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 5.08 |
|---|---|
| First Day Open | HK$ 5.0 |
| First Day Change | -27.84% |
| First Day Volume | 36041400.0 |
| First Day Turnover | 191905000.0 |
| Use of Proceeds | 1、約60.0%或約331.0百萬港元，用于拓展餐廳網絡、擴大地理覆蓋范圍及加深市場滲透； 2、約10.0%或約55.2百萬港元，用于通過升級整個餐廳網絡的技術及數字系統提升信息技術能力； 3、約10.0%或約55.2百萬港元，用于品牌建設及進一步提高客戶忠誠度； 4、約10.0%或約55.2百萬港元，用于對中國內地上游食品加工行業潛力公司的戰略投資； 5、約10.0%或約55.2百萬港元，用于一般公司用途及營運資金。 |
|---|
| Role | Institution |
|---|---|
| Compliance Advisor | 浩德融资有限公司 CE AGH102 |
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 国泰君安证券及国泰海通证券股份有限公司 | — | — | — | — | 6 months | 2026-06-05 |
| 2 | 为由深圳君宜私募证券基金管理有限公司 | — | — | — | — | 6 months | 2026-06-05 |
| 3 | Hong Kong Shengying Investment Limited | — | — | — | — | 6 months | 2026-06-05 |
| 4 | 有限公司 | — | — | — | — | 6 months | 2026-06-05 |
| Chairman | Mr. Chan Kwok Bun |
|---|---|
| Company Secretary | Mr. Zhang Hua |
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS (d) we are committed that our Board should include a balanced composition of executive and non-executive Directors (including independent non-executive Directors). We have appointed three independent non-executive Directors to our Board. We believe |
|---|
Market Sentiment
The retail tranche of 遇见小面 (02408) drew extreme enthusiasm, with an oversubscription ratio of 425.97x and a low hit rate of just 15.71%, signaling fierce competition for shares. The offer price was set at HK$7.04, and the massive oversubscription triggered reallocation from the international tranche, underscoring robust market appetite. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier inefficiency emerges: 甲尾 applicants subscribing for 700,000 shares (1,400 lots) receive only an expected 0.58 lots, while 乙头 applicants with slightly larger subscriptions of 800,000 shares (1,600 lots) are guaranteed 1 lot. This makes the jump from 甲尾 to 乙头 highly cost-effective, as an incremental 200 lots secures a full allocation, though broker fee structures and actual execution costs may vary. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The applicant base was dominated by mainland Chinese investors, who accounted for 66.3% of successful applicants, a typical pattern for hot Hong Kong IPOs. The gender split skewed male at 62.6%, and the average age was 42.9, suggesting participation by middle-aged, experienced retail investors. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
