Xiaocaiyuan International Holdings Limited ("Xiaocaiyuan" or "the Company") successfully completed its initial public offering and was listed on the Main Board of the Hong Kong Stock Exchange on December 20, 2024, with the stock code 0999. The Company is a well-known Chinese restaurant chain, mainly operating "Xiaocaiyuan" brand restaurants. Huatai Financial Holdings (Hong Kong) Co., Ltd. and UBS Securities Hong Kong Limited are the joint sponsors.

Xiaocaiyuan is one of the well-known direct-operated chain restaurants in China's mass convenience Chinese catering market. The company adheres to the cultural concept of "gratitude, responsibility, growth, and win-win", and provides customers with green, healthy, and health-preserving dishes and high-quality services with the taste of mothers and affordable prices. According to Frost & Sullivan, based on store revenue statistics as of the end of 2023 , Xiaocaiyuan ranked first among all brands in China's mass convenience Chinese catering market with a customer unit price ranging from RMB 50 to RMB 100. Xiaocaiyuan currently has more than 660 direct-operated stores in Beijing, Shanghai, Anhui, Jiangsu, Zhejiang, Hubei, Guangdong, Henan, Shandong, Jiangxi and other regions, and has become an excellent partner of well-known commercial complexes such as Wanda, China Resources Vanguard, Wuyue and AEON.

Tian Yuan has been serving the company for many years and has participated in the entire process of the company's cross-border equity structure construction, legal due diligence and compliance, and this Hong Kong listing. Tian Yuan served as Xiaocaiyuan's domestic legal counsel and data compliance special legal counsel in this Hong Kong listing project, and participated in the legal due diligence, issuing legal opinions, reviewing and revising issuance documents, filing applications with the China Securities Regulatory Commission, and responding to inquiries from domestic and foreign regulatory authorities. Relying on the project team's rich experience in domestic and foreign capital market projects and diversified consumer business experience, Tian Yuan fully utilized the professional skills and comprehensive capabilities of domestic lawyers, and with an efficient and serious legal service attitude and effective communication and collaboration capabilities, helped the company successfully complete this listing and won high recognition from all parties.

This project was led by Tian Yuan senior partners Liu Yan and Wang Xiangping, and completed by partner Zhang Yiming and capital market lawyers Chen Jiarui, Yang Yang, Wang Li, Liao Yajiao, Shi Xiaoqi, Liu Jiayi, Liu Ai, Zhao Lianguan, etc. The data compliance legal services involved in this project were completed by a team led by senior consultant Zhu Xuanye.