The company behind Qdama, a mainland Chinese meat and fresh produce chain known for its hefty discounts that rise by the hour every evening until the products are completely sold out, is planning to go public in Hong Kong.
Qdama International, set up in 2014, has grown to become the mainland’s largest meat and fresh produce company with sales of 14.8 billion yuan (US$2.1 billion) in 2024, according to its prospectus filed to the Hong Kong stock exchange, which cited data from mainland research firm China Insights Consultancy, on Monday.
Qdama plans to use the listing proceeds to expand its retail network by adding another 1,300 franchise stores and 100 self-operated stores over the coming five years, according to the prospectus. The company did not disclose the fundraising amount or a timetable for the proposed initial public offering.
Qdama’s stores, which are predominantly located in residential areas, are usually packed at night, as the discounts deepen every 30 minutes starting from 10 per cent at 7pm and ending with free giveaways for any unsold products at 11.30pm.
The company offers discounts under its “no overnight meat” policy, meaning it aims to sell all its fresh produce – including meat, poultry, eggs, seafood, vegetables and fruit – by the end of the day.
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