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Busy Ming Group made a strong debut on the Hong Kong stock exchange, with its shares jumping sharply and valuing the company at about HKD 89.2 billion. The Chinese snack and beverage retailer raised HKD 3.67 billion through its IPO, which was heavily oversubscribed by both retail and institutional investors. Founded in 2017, Busy Ming operates a largely franchised network of nearly 19,500 stores across China and positions itself as a low-cost snack retailer. The company plans to use the proceeds to improve its supply chain, develop products and support store expansion.
Chinese snack and beverage retailer Busy Ming Group recorded a strong stock market entry in Hong Kong, with its shares rising sharply on their first day of trading and giving the company a market capitalisation of about HKD 89.2 billion. The debut followed a successful initial public offering that raised HKD 3.67 billion, equivalent to around USD 470 million, reflecting strong investor appetite for Chinese consumer-facing businesses. Advertisement
Busy Ming's shares opened at HKD 445 apiece, significantly above the offer price of HKD 236.60. After the initial surge, the stock pared some gains and traded around HKD 414, still leaving the company valued among the larger recent consumer listings in the city. The listing added to the momentum seen in Hong Kong's primary market, which has attracted a steady flow of Chinese issuers in recent months.
The company sold 15.5 million shares in the IPO, pricing the deal at the top end of the marketed range. This was higher than the initial plan to offer 14.1 million shares, indicating strong demand during book building. The retail tranche was almost 1,900 times oversubscribed, while the institutional portion saw subscriptions exceeding 44 times, underlining broad-based interest from both individual and professional investors.
Busy Ming has said the funds raised will be used to strengthen its supply chain, develop new products and upgrade its store network. Part of the proceeds will also be directed towards supporting franchise partners, which form the backbone of its expansion strategy across China.
The listing took place as Hong Kong continues to see new offerings from mainland companies in consumer, food and technology sectors. Recent and upcoming listings include beverage producer Eastroc, pork producer Muyuan Foods, and chipmakers such as Montage Technology and Axera Semiconductor, highlighting a revival in IPO activity after a quieter period.
Founded in 2017 and headquartered in Changsha, Hunan province, Busy Ming has positioned itself as China's largest snack and beverage chain retailer by sales value in 2024, according to data cited from consultancy Frost & Sullivan in its prospectus. The company operates under the Busy for You and Super Ming brands, offering items such as biscuits, instant foods and drinks through a largely franchised store model.
The retailer focuses on value pricing, with products sold at around 25% below the average prices seen at comparable supermarkets, as per the same consultancy assessment. This strategy has helped it expand rapidly beyond major cities. By the end of September, Busy Ming operated 19,517 stores across 28 provinces, with nearly 59% located in smaller towns and county-level areas.
Financially, the company has reported rapid growth. Revenue for the first nine months of 2025 rose 75% year-on-year to CNY 46.4 billion. Busy Ming has also projected that its full-year profit would be no less than CNY 2.3 billion, reflecting both scale expansion and operating leverage.
The IPO attracted several high-profile cornerstone investors, including Tencent, Singapore's state investor Temasek, and global asset managers such as BlackRock and FIL Investment. Goldman Sachs and Huatai International acted as joint sponsors for the listing.
Source Reuters
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