Chinese chain Qdama, known for its night discounts, plans Hong Kong IPO

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.\nQdama 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.\nQdama competitors include the Freshippo grocery chain under Alibaba Group Holding and grocery platforms operated by Meituan and JD.com. Alibaba owns the Post.\nQdama 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.\n\nQdama’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.\nThe 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.\nQdama, which started as a pork stall in a market in Dongguan, Guangdong province, in 2012, has expanded to over 30 cities on the mainland, Hong Kong and Macau.\nAs of September 2025, Qdama had 2,898 franchise stores and 40 self-operated stores.\n“Qdama’s fast expansion is mainly because of its nightly discounts, which not only meet people’s budgets but also lower its inventory well below the industry average,” said Ivan Li, a researcher at a wealth management firm in Shanghai.\nSouthern China, where people are accustomed to buying fresh vegetables and meat, accounts for over 65 per cent of Qdama’s revenue.\nRevenue from Hong Kong and Macau climbed to 8.3 per cent of the total in the first nine months of the year from 6 per cent in 2023. The two markets also reported a higher margin of 18.5 per cent, versus 12.5 per cent in southern China and 6 per cent in other parts of the mainland, during the same period.\nHowever, revenue dipped 4 per cent year on year to 8.36 billion yuan in the first nine months of 2025 after staying flat in 2024, which Qdama blamed on the falling prices of pork and vegetables.\nQdama recorded a net loss of 287.6 million yuan in the first nine months of 2025, compared with a net profit of 227 million yuan a year earlier.\nChina’s pork prices fell 1.7 per cent year on year in December, dragging the consumer price index down by 0.02 percentage points last month and deepening deflationary pressure in the world’s second-largest economy.\n