New Stock News: Banu Beef Tripe Hotpot submits three applications to the Hong Kong Stock Exchange, aiming to become the largest brand in the Chinese quality hotpot market by 2025.

According to the disclosure made by the Hong Kong Stock Exchange on June 17th, BANU International Holdings Limited (referred to as BANU Beef Tripe Hotpot) has submitted an application to the main board of the Hong Kong Stock Exchange, with CICC and CMB International as joint sponsors. The company had previously submitted listing applications to the Hong Kong Stock Exchange on June 16, 2025 and December 17, 2025 respectively. Company Overview According to the prospectus, BANU Beef Tripe Hotpot is the largest quality hotpot brand in China, adhering to a product-oriented business philosophy and seeking a differentiated market position. According to data from Frost & Sullivan, based on revenue, BANU Beef Tripe Hotpot is the largest brand in the quality hotpot market in China in 2025, with a market share of approximately 3.6% by revenue. Based on revenue, the company is the second-largest brand in the Chinese hotpot market in 2025, with a market share of approximately 0.4%. BANU Beef Tripe Hotpot's signature products are beef tripe and mushroom soup. As of the latest feasible date, the company's direct-operated BANU stores network covers 57 cities nationwide, with 200 stores, a 132.6% growth from the beginning of 2023. As of the same date, BANU Beef Tripe Hotpot has 5 comprehensive central kitchens integrating production and logistics, 1 specialized base material processing factory, with operations covering 14 provinces and municipalities directly under the central government. The total number of BANU Beef Tripe Hotpot's direct-operated BANU stores has increased from 86 as of January 1, 2023 to 200 as of the latest feasible date, a growth rate of 132.6%. At the end of each year during the historical period, the total number of direct-operated BANU stores of BANU Beef Tripe Hotpot increased from 111 to 144, and further increased to 180. For example, as of the latest feasible date, BANU Beef Tripe Hotpot operates 54 stores in Henan Province and 146 stores in other provinces in China, proving the company's ability to successfully replicate the "Henan model" in cities in other provinces. As of the latest feasible date, in addition to 40 stores in first-tier cities, BANU Beef Tripe Hotpot has 160 stores in second-tier and below cities, accounting for 80.0% of the total number of stores. BANU Beef Tripe Hotpot's new store expansion continues to focus on the "third-generation supply chain" system, continuously building the supply capability of central kitchen daily distribution, ensuring stable supply of regional ingredients and products. As of December 31, 2023, 2024, and 2025, the company had five central kitchens each. As of the latest feasible date, it provide strong backend support for the continued expansion of the aforementioned regional markets. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of 21.12 billion yuan, 23.07 billion yuan, and 28.46 billion yuan respectively. Year-end profit and comprehensive income In the fiscal years 2023, 2024, and 2025, the company achieved year-end profits and comprehensive income of 1.02 billion yuan, 1.23 billion yuan, and 2.06 billion yuan respectively. Gross profit margin The corresponding gross profit margin of the company was 66.8%, 67.9%, and 69.8% in the fiscal years 2023, 2024, and 2025 respectively. Industry Overview China has significant undeveloped potential in increasing the ratio of chain restaurants, with a trend towards the rise of large chain restaurants. With the development of digitalization and the expansion of delivery services in the chain restaurant market, the market size of chain restaurants has increased rapidly from 927.8 billion yuan in 2019 to 1,328.9 billion yuan in 2025, with a compound annual growth rate of approximately 6.2%, much higher than that of non-chain restaurant market. Chain restaurants have stronger resilience compared to non-chain restaurants due to advantages such as scale effects, supply chain advantages, brand influence, standardized operations, risk resistance, and support of funds and resources. Benefiting from efficient management capabilities, well-developed supply chains, higher levels of standardization, and stronger capital support, the chain restaurant market is expected to grow rapidly in the future, with a compound annual growth rate of 7.5% to reach approximately 1.91 trillion yuan by 2030. The market size of the hotpot industry in China has grown from 518.8 billion yuan in 2019 to 645.3 billion yuan in 2025, with a compound annual growth rate of 3.7%. The hotpot industry maintains a high-speed growth trend due to the high standardization of hotpot, mature management systems, and wide consumer base, making it well-loved by consumers. In the future, the market size of the hotpot industry is expected to grow rapidly, reaching approximately 853.9 billion yuan by 2030, with a compound annual growth rate of 5.8%. Due to consumer demand for high-quality ingredients, differentiated experiences, and health and safety standards, quality hotpot has a core competitive advantage, with its market size increasing rapidly from 60.2 billion yuan in 2019 to 78.7 billion yuan in 2025, with a compound annual growth rate of about 4.6%. In the future, the market for quality hotpot is expected to grow rapidly, reaching approximately 108.9 billion yuan by 2030, with a compound annual growth rate of 6.7%. Board of Directors Information The board of directors will consist of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors. Equity Structure Mr. Du Zhongbing and Ms. Han Yanli (husband and wife) control approximately 83.38% of the voting rights of the company through (i) D&H (BVI) LTD, holding 75.26% of the company's issued shares and (ii) BANU UNITED LTD, holding 8.11% of the company's issued shares. D&H (BVI) LTD is wholly owned by DU HAN LTD, which is jointly owned by Mr. Du and Ms. Han. In addition, Mr. Du, as the sole director of BANU UNITED LTD, manages the affairs of BANU UNITED LTD and controls the voting rights of the shares it holds. BANU UNITED LTD is wholly owned by Hangzhou Bashi, with Zhengzhou Xingshenghe (a company owned 80% by Mr. Du and 20% by Ms. Han) as the general partner of Hangzhou Bashi. Therefore, Mr. Du, Ms. Han, D&H (BVI) LTD, DU HAN LTD, Hangzhou Boshi, and Zhengzhou Xingshenghe collectively constitute the controlling shareholder group of the company. Intermediary Team Joint Sponsors: China International Capital Hong Kong Securities Limited, CMB International Finance Limited. Company Legal Advisor: Hong Kong and U.S. law: Davis Polk & Wardwell; Chinese law: Jingtian & Gongcheng Law Firm; Cayman Islands law: Harney Westwood & Riegels. Joint Sponsors' Legal Advisors: Hong Kong and U.S. law: Gowling WLG; Chinese law: Haiwen Law Firm. Auditor and Reporting Accountant: KPMG Huazhen. Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance Consultant: Horgos Capital Limited.