XIAO NOODLES Debuts with 29% Plunge Despite 400x Oversubscription

Deep News2025-12-05

XIAO NOODLES (Stock Code: 2408) officially listed on the Hong Kong Stock Exchange on December 5, becoming the first new-style noodle restaurant chain to go public.

The company issued 97,364,500 shares, including 9,736,500 shares in the Hong Kong public offering and 87,628,000 shares in the international offering, with a final offer price of HK$7.04 per share. The Hong Kong public offering was oversubscribed by 425.97 times.

However, the stock opened weak. By 9:20 AM during the pre-market session, shares had fallen 28.98% to HK$5.00. As of 10:46 AM, the price further declined to HK$4.98, marking a 29.26% drop from the IPO price.

Founded in 2014, XIAO NOODLES operated 465 restaurants as of November 18, 2025 - including 451 in mainland China and 14 in Hong Kong. The company reported revenue of RMB 703 million for the period ending June 30, 2025, with 89% (RMB 626 million) coming from company-operated stores and 10.9% (RMB 76.662 million) from franchised locations.

The chain has accelerated its expansion in recent years, opening 43, 92, and 120 new stores in 2022, 2023, and 2024 respectively. As of November 18, 2025, it had already opened 118 new locations.

However, operational metrics have shown deterioration amid rapid expansion. Same-store sales growth at company-operated restaurants declined from 31.8% in 2023 to -4.4% in 2024 and -3.1% in the first half of 2025. The turnover rate at these stores also dropped from 3.9 in 2023 to 3.4 in H1 2025.

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