Snack Giant Hao Xiang Lai’s Parent Files for Hong Kong IPO
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Wanchen operates over 15,000 stores under its Hao Xiang Lai (pictured) and Laopodaren brands. Photo: VCG
Fujian Wanchen Biotechnology Group Co. Ltd. (300972.SZ), the parent of snack retail giant Hao Xiang Lai, has filed for a Hong Kong IPO, joining the race to go public alongside its main rival.
The Shenzhen-listed company, which once specialized in edible fungi, submitted its prospectus on Sept. 23, with China International Capital Corp. and China Merchants Securities as joint sponsors. The firm has rapidly transformed itself into a dominant force in China’s snack and beverage retail market since pivoting to the sector in 2022 and consolidating its brands under the Hao Xiang Lai banner the following year.
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- Fujian Wanchen Biotechnology (300972.SZ), parent of Hao Xiang Lai, filed for a Hong Kong IPO in September 2025.
- Wanchen operates 15,000+ mostly franchise stores, with 2024 revenue growing to 32.3 billion yuan and first-half 2025 revenue up 106.9% year-on-year.
- The company’s direct procurement model enables 20–30% lower prices, competing with Busy Ming Group, whose 2024 revenue was 39.3 billion yuan.
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Who’s Who
- Fujian Wanchen Biotechnology Group Co.Ltd.
- Fujian Wanchen Biotechnology Group Co.Ltd. (300972.SZ) is the parent company of snack retail giant Hao Xiang Lai. It has filed for a Hong Kong IPO. Previously focused on edible fungi, Wanchen transformed into a dominant force in China's snack and beverage retail market in 2022. The company, through its Hao Xiang Lai and Laopodaren brands, operates over 15,000 stores.
- Hao Xiang Lai
- "Hao Xiang Lai" is a snack retail brand under Fujian Wanchen Biotechnology Group Co. Ltd. This China-based company has rapidly become a dominant force in China's snack and beverage retail market since pivoting to the sector in 2022. It operates over 15,000 stores, primarily franchise outlets, and is known for its direct sourcing model, offering products at significantly lower prices than traditional supermarkets.
- China International Capital Corp.
- China International Capital Corp. is listed as a joint sponsor for Fujian Wanchen Biotechnology Group Co. Ltd.'s Hong Kong IPO.
- China Merchants Securities
- China Merchants Securities is mentioned as a joint sponsor for Fujian Wanchen Biotechnology Group Co. Ltd.'s Hong Kong IPO. Wanchen, the parent company of snack retail giant Hao Xiang Lai, submitted its prospectus on September 23. This indicates China Merchants Securities' involvement in facilitating Wanchen's public listing.
- Laopodaren
- Laopodaren is one of the brands under Fujian Wanchen Biotechnology Group Co. Ltd., a snack retail giant. As of June 30, 2025, Wanchen operates over 15,000 stores under its Laopodaren and Hao Xiang Lai brands, with 99% of them being franchise outlets.
- Lingshihenmang
- Lingshihenmang is a snack brand operated by Busy Ming Group Co. Ltd., a major competitor to Fujian Wanchen Biotechnology Group Co. Ltd. Busy Ming Group reported 39.3 billion yuan ($5.5 billion) in revenue for 2024 and applied for a Hong Kong IPO in April.
- Zhaoyiming
- Zhaoyiming is a snack brand operated by Busy Ming Group Co. Ltd., a competitor of Fujian Wanchen Biotechnology Group Co. Ltd. Busy Ming Group also operates the Lingshihenmang snack brand and reported 39.3 billion yuan ($5.5 billion) in revenue for 2024.
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What Happened When
- 2022：
- Fujian Wanchen Biotechnology Group Co.Ltd. pivoted to the snack and beverage retail sector.
- 2023：
- Wanchen consolidated its brands under the Hao Xiang Lai banner.
- 2023：
- Wanchen reported revenue of 9.3 billion yuan and a net loss of 28.1 million yuan.
- 2024：
- Busy Ming Group reported revenue of 39.3 billion yuan ($5.5 billion).
- 2024：
- Wanchen’s revenue skyrocketed to 32.3 billion yuan.
- April 2025：
- Busy Ming Group applied for a Hong Kong IPO.
- First half of 2025：
- Wanchen reached revenue of 22.6 billion yuan, up 106.9% year-on-year, and adjusted net profit surged to 922 million yuan.
- As of June 30, 2025：
- Wanchen operated over 15,000 stores under its Hao Xiang Lai and Laopodaren brands with 99% as franchise outlets.
- September 23, 2025：
- Wanchen submitted its IPO prospectus in Hong Kong.
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