China’s Busy Ming bets on bargain snacks in US$428 million Hong Kong IPO
The retailer is now a national player in China’s snack market via small packs and budget pricing
[BEIJING] Chinese retailer Busy Ming is seeking to raise up to US$428 million in a Hong Kong initial public offering, betting that its strategy of offering snacks and beverages at ultra-low prices will help it win over investors as it has done with customers.
Its pitch comes at an opportune time for discount retailers as consumers remain wary amid sluggish economic growth that has stoked concerns about job and income stability. Retail sales in the world’s second-largest economy grew 3.7 per cent last year, far below pre-pandemic levels.
Headquartered in Changsha and in business since 2017, Busy Ming has grown into a national player in China’s fragmented snack market by focusing on small pack sizes and budget-friendly pricing.
It operates the Busy for You and Super Ming chains. Both offer similar product line-ups, with Busy for You concentrated in south China and Super Ming concentrated in north China.
The offering will consist of 14.1 million shares priced between HK$229.60 and HK$236.60. At the top of the range, it would bring in about HK$3.3 billion (S$542.6 million) and value the company at about HK$50.7 billion. There is also an overallotment option of up to 15 per cent more shares.
Cornerstone investors include Tencent, Temasek, BlackRock and FIL Investment, according to its prospectus.
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The company said that proceeds will go towards supply-chain improvements and product development, as well as upgrading its store network and supporting franchisees. It also plans to invest in brand building, technology and selective acquisitions.
Unlike many retailers chasing e-commerce growth, Busy Ming sells exclusively offline, aiming to drive foot traffic with prices about 25 per cent below the average of comparable supermarket offerings.
At its stores – which number just over 19,500 and are almost all franchised – there are egg tarts at 1.65 yuan (S$0.30) apiece, Coca-Cola at 1.8 yuan a bottle, self-branded oolong tea at 1.9 yuan, and single servings of snacks like quail eggs and chicken feet.
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Its shelves include goods from more than 750 multinational and domestic brands such as Mars, Pepsi, Starbucks, and Genki Forest.
A Beijing store manager, Chi Huanhuan, said that the biggest draw is affordability. “We save money for our customers and that’s why they come to us.”
According to its prospectus, in the first nine months of 2025 revenue climbed 75 per cent to 66.1 billion yuan from a year earlier. Busy Ming estimated 2025 profit at not less than 2.3 billion yuan.
Ben Cavender, managing director at Shanghai-based China Market Research Group, said that its business model looks durable because it attracts traffic across small and big cities alike and offers a broad range of snacks.
Busy Ming’s offering is expected to price on Jan 26 and the shares are due to begin trading on Jan 28. Goldman Sachs and Huatai International are acting as joint sponsors. REUTERS
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