[IPO Watch] Mingming Hen Mang (01768.HK) jumps over 7%—will this mark the start of a rebound?

On July 2, recently listed Hong Kong stock Ming Ming Hen Mang$BUSYMING (01768.HK)$staged a strong rebound, closing up 7.57% at HK$335.2 per share, giving it a market capitalization of HK$73.02 billion.

Since mid-May, the company's share price had remained weak, with a cumulative peak-to-trough decline exceeding 30%. Today’s sharp rally directly reversed the prior downtrend, signaling a clear recovery in secondary market sentiment.

Market analysts noted that Ming Ming Hen Mang offers compelling valuation appeal, with a current trailing price-to-earnings ratio of approximately 28x, placing it within a reasonable valuation range. Institutional investors continue to view the stock as attractive for medium- to long-term positioning. As the industry leader operating two nationally recognized value-format snack brands—'Snacks Hen Mang' and 'Zhao Yiming Snacks'—the company boasts significant scale and supply chain advantages, making it a key focus for institutional tracking.

At the industry level, in June this year, Ming Ming Hen Mang Group and Wanchen Group$Fujian Wanchen Food Group (300972.SZ)$both issued public statements explicitly opposing disorderly internal competition and destructive price wars within the sector, jointly advocating for healthy and rational development in the snack retail chain industry—a signal that leading players are pushing for standardized industry consolidation.

The two industry giants continue to maintain high momentum in store expansion. According to a research report from China Securities, both Ming Ming Hen Mang and Wanchen Group sustained a monthly new-store rollout pace in the thousands during June, showing no signs of slowing down their expansion efforts.

Zhongtai Securities noted in a research report that the value-oriented snack retail segment is transitioning from scale-driven expansion to efficiency-based competition and business model iteration. 'Cost-saving supermarkets,' leveraging three key advantages—high cost-performance, strong in-store experience, and proximity to consumers—have emerged as one of the most resilient offline retail formats. Leading brands are continuously building deep moats through supply chain integration, standardized store rollouts, and iterative business models, positioning them to steadily gain market share during industry consolidation. The report recommends paying attention to sector leaders like Ming Ming Hen Mang, which demonstrate superior supply chain and store operation capabilities.

Huaxi Securities believes Ming Ming Hen Mang has clear drivers for future growth: First, network expansion—the firm expects the company to grow its store count to 35,000 by 2028, deepening penetration in lower-tier county markets while steadily expanding into higher-tier cities; second, improved per-store efficiency through optimized product mix and digital-driven precision inventory replenishment to continuously enhance sales turnover; and third, supply chain and product upgrades, further increasing the share of private-label products to strengthen differentiated competitiveness. The company and Wanchen Group are pursuing distinct strategic paths—'scale-first' versus 'profit-first'—with complementary regional footprints, ushering the industry into a phase of healthy development.

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