IPO News | Meet Xiaomian as China's fourth largest Chinese noodle restaurant operator through Hong Kong Stock Exchange hearing

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on November 17, Guangzhou Meet Xiaomian Restaurant Co., Ltd. (hereinafter: Meet Xiaomian) passed the Hong Kong Stock Exchange main board listing hearing, and CMB International was the sole sponsor. According to Frost & Sullivan, in terms of total product turnover in 2024, the company is the fourth largest Chinese noodle restaurant operator in China, with a market share of 0.5%.

According to the prospectus, the company is a Chinese noodle restaurant operator in China and operates the Mein Noodle brand in mainland China and the Hong Kong Special Administrative Region. As of October 8, 2025, the company's restaurant network includes 440 restaurants in 22 cities in mainland China and 11 restaurants in the Hong Kong Special Administrative Region. With the company's strong growth momentum, as of October 8, 2025, the company had 101 new restaurants in preparation before opening. Most of the company's restaurants are located in eastern and southern China, with more than half of them in Guangdong Province.

According to Frost & Sullivan, in terms of total product turnover in 2024, the company is the fourth largest Chinese noodle restaurant operator in China, with a market share of 0.5%. According to Frost & Sullivan, the Chinese noodle market is a major segment of the overall Chinese fast food restaurant market in China, with a market share of about 29.8% in 2024. Fast food restaurants usually provide consumers with convenient, ready-to-eat meals to meet the demand for quick meals. The fast food restaurant market includes enterprises and organizations that stand out through standardized operations, efficient and expandable models. With digital integration and affordable prices, they provide a stable, fast and convenient dining experience with public appeal to satisfy consumers who prioritize fast service and ready-to-eat dishes.

The Chinese fast food restaurant market will account for about 17.6% of China's overall food service market in 2024. The Chinese fast food restaurant market in China is highly fragmented due to a large number of different types of market participants. The top five participants together accounted for about 3.0% of the market share (in terms of total product turnover) in 2024. According to Frost & Sullivan, the company ranked 13th in the overall Chinese fast food restaurant market in terms of total product turnover in 2024, with a market share of 0.14%.

The company's roots are based on Chongqing Xiaomen. Chongqing noodles are a series of spicy staple foods. They originated in the mountain city of Chongqing and are famous all over the country. As a Chinese restaurant chain brand focusing on the Chongqing Noodle series, the company's products have expanded to include a variety of spicy and non-spicy dishes, including noodles, rice, snacks, and drinks.

The company's restaurants operate on a direct or franchise model. During the track record period, the number of the company's restaurants continued to rise, and financial performance also achieved rapid growth. From the beginning of the track record period to October 8, 2025, the company's number of restaurants has grown from 133 to 451 by 239.1%.

With the success of the direct management model and good brand awareness, the company entered the franchise model through centralized management in 2019. Since adopting the franchise model, the number of the company's franchised restaurants has grown steadily over its track record. As of June 30, 2025, the company had 86 franchised restaurants.

According to Frost & Sullivan's data, based on the progress of China's urbanization process, the increase in disposable income, and the increase in the proportion of consumers eating out, the Chinese noodle market in China is expected to further accelerate growth. By 2029, the total commodity transaction volume will reach RMB 510 billion, with a compound annual growth rate of 10.9% from 2025 to 2029. In the Chinese noodle market, the total commodity turnover of China's Chinese-style noodle market, which is mainly based on Sichuan and Chongqing flavors, is expected to reach RMB 135.7 billion in 2029, with a compound annual growth rate of 13.2% from 2025 to 2029, which is the highest compound annual growth rate in the Chinese noodle market with different regional flavors in China. These favorable trends provide a good opportunity for the company to grow.

On the financial side, for the six months ended June 30 in 2023, 2024 and 2025, the company's revenue was approximately RMB 801 million, RMB 1.154 million, and RMB 703 million, respectively; for the same period, annual/period profits were RMB 459.14 million, RMB 60.7 million, and RMB 41.834 million, respectively.