Guangzhou Xiao Noodles Catering Management Co., Ltd., (02408.HK) has launched its Hong Kong IPO. The offering period will run from November 27 to December 2, 2025, with a global issuance of approximately 97,364,500 H-shares and an over-allotment option of 15%. The offering price range is HK$5.64 to HK$7.04 per share, with a board lot size of 500 shares, and an entry fee of approximately HK$3,555.51. The listing is expected on December 5, 2025, on the main board of the Hong Kong Stock Exchange, with CMB International as the sole sponsor.

Xiao Noodles: China’s 4th Largest Chinese Noodle Chain Operator

Offering Structure:10% for Hong Kong public offering (9,736,500 shares), 90% for international placement (87,628,000 shares).

Price Range: HK$5.64 to HK$7.04 per share; 500 shares per board lot; entry fee approximately HK$3,555.51.

Offering Period: November 27 to December 2 (pricing expected on December 3).

Expected Listing Date: December 5,2025

IPO Sponsor: CMB International.

Company Overview

Xiao Noodles is a Chinese noodle restaurant operator with outlets in mainland China and the Hong Kong Special Administrative Region (SAR), offering the "Xiao Noodles" brand. The brand specializes in Chongqing-style noodles and has expanded its menu to include spicy and non-spicy noodles, rice, snacks, and beverages. According to Frost & Sullivan, based on total merchandise transaction value in 2024, the company is the fourth largest Chinese noodle restaurant operator in China, with a market share of 0.5%. As of the latest feasible date, the company’s restaurant network includes 451 restaurants in 22 cities across mainland China and 14 in Hong Kong SAR, with an additional 115 new restaurants under preparation.

Financial Information

According to the prospectus, Xiao Noodles’s revenue for the years 2022, 2023, and 2024 was approximately RMB 418 million, RMB 801 million, and RMB 1.154 billion, respectively. Net profit for the same periods was approximately -RMB 36 million, RMB 46 million, and RMB 61 million. For the first half of 2025, the company achieved a revenue of approximately RMB 703 million and a net profit of approximately RMB 42 million. At the median price of HK$6.34 per share, assuming no exercise of the over-allotment option, the company expects to raise net proceeds of approximately HK$552 million. The funds will be used for expanding the restaurant network (approximately 60%), upgrading technology and digital systems (approximately 10%), brand development and customer loyalty (approximately 10%), strategic investments in upstream food processing (approximately 10%), and general corporate purposes and working capital (approximately 10%).

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This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Xiao Noodles via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Xiao Noodles, tap "Public Offer," enter your subscription quantity, and submit your order.

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