Xiao Noodles (Ticker: 2408 HK) is a China-based company specializing in the operation of quick-service restaurants focused on Chongqing-style noodles. The company plans to list on the Hong Kong Stock Exchange (HKEX) on December 5, 2025, planning to offer approximately 97.4 million shares at a price range of HKD 5.64 to HKD 7.04 per share, raising up to HKD 685 million (approx. USD 79.39 million).

At the target valuation, the company anticipates a market capitalization of roughly USD 579.49 million. Xiao Noodles reportedly plans to allocate 60% of the IPO proceeds toward R&D and product capacity expansion, with the remainder used for brand promotion and working capital. Structured as an H-Share listing, the offering features cornerstone investors including Hai Di Lao and HHLR Advisors, supporting a company ranked as the fourth largest Chinese noodle restaurant operator domestically by GMV.