The Zhitong Finance App learned that on August 23, the China Securities Regulatory Commission issued the “Notice Concerning the Overseas Issuance and Listing of Xiaocaiyuan International Holding Ltd. (Xiaocaiyuan International Holdings Co., Ltd.)” The company intends to issue no more than 218,230,400 common shares and list them on the Hong Kong Stock Exchange. According to reports, on July 16, Xiaocaiyuan International Holdings Co., Ltd. (abbreviation: Xiaocaiyuan) submitted a listing application to the main board of the Hong Kong Stock Exchange. Huatai International and UBS Group were co-sponsors.

According to the prospectus, Little Vegetable Garden is one of the well-known chain restaurants directly managed in the convenient Chinese restaurant market in China, and ranks among the top in the industry in terms of business scale and growth rate. According to Frost & Sullivan's data, the mass convenience Chinese restaurant market is a segment of the Chinese food market, with a customer unit price of less than RMB 100. As of the last practical date, Little Vegetable Garden had 623 direct-run stores in operation, covering 135 cities or counties in 13 provinces in China.

According to Frost & Sullivan's data, in terms of store revenue in 2023, “Little Vegetable Garden” ranked first among all brands in China's popular convenience Chinese restaurant market. The customer unit price was between 50 yuan and 100 yuan, accounting for 0.2% of the market share. In terms of revenue, the size of the popular convenient Chinese restaurant market with a customer unit price of 50 yuan to 100 yuan was 2252.9 billion yuan in 2023, accounting for about 55.2% of the overall Chinese restaurant market.