BUSINESS

China’s Largest Snack Retailer Takes Step Closer to Hong Kong IPO

Published: Jan. 7, 2026 4:59 p.m. GMT+8

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A Busy Ming snack store. Photo: VCG

Busy Ming Group Co. Ltd., the Chinese mainland’s largest discount snack chain, has passed its listing hearing with the Hong Kong Stock Exchange, clearing a major hurdle for an IPO in the city.

The exchange disclosed the company’s post-hearing information pack late Tuesday showing that Goldman Sachs (Asia) LLC and Huatai Financial Holdings (Hong Kong) Ltd. are acting as joint sponsors for the deal. Busy Ming plans to use the IPO proceeds to expand and upgrade its store network, optimize its supply chain, enhance digitalization and fund brand promotion efforts.

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Busy Ming Group, China's largest discount snack chain, passed its Hong Kong IPO hearing and plans to expand with funds raised.
In Jan–Sept 2025, GMV rose 74.5% YoY to 66.1 billion yuan; revenue increased 75.2% to 46.4 billion yuan; net profit surged 240.8% to 1.8 billion yuan.
Formed in 2023 by merging Busy Snacks and Zhao Yiming Snacks, the group now operates 19,517 stores across 28 provinces.

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Who’s Who

Busy Ming Group Co. Ltd.: Busy Ming Group Co. Ltd. is the largest discount snack chain on the Chinese mainland. They recently passed their listing hearing with the Hong Kong Stock Exchange for an IPO. Formed by a 2023 merger of two rival chains, the company has seen rapid growth, with a gross merchandise value of 66.1 billion yuan ($9.5 billion) in the first nine months of 2025.

Goldman Sachs (Asia) LLC: Goldman Sachs (Asia) LLC is acting as a joint sponsor for Busy Ming Group Co. Ltd.'s IPO in Hong Kong. They are working alongside Huatai Financial Holdings (Hong Kong) Ltd. in this capacity.

Huatai Financial Holdings (Hong Kong) Ltd.: Huatai Financial Holdings (Hong Kong) Ltd. is acting as a joint sponsor for Busy Ming Group Co. Ltd.'s IPO on the Hong Kong Stock Exchange. They are partnering with Goldman Sachs (Asia) LLC in this role.

Busy Snacks: Busy Snacks, along with Zhao Yiming Snacks, were rival chains that engaged in a fierce price war in southern China in 2023. They merged late that year, operating under the name Busy Snacks Group, though both brands maintained independent operations. The combined entity, now known as Busy Ming Group Co. Ltd., officially adopted its new group name in June 2024.

Zhao Yiming Snacks: Zhao Yiming Snacks merged with Busy Snacks in late 2023, forming Busy Ming Group Co. Ltd. Despite the merger, both brands maintain independent operations. Before the merger, Zhao Yiming Snacks was engaged in a fierce price war with Busy Snacks in southern China.

Busy Snacks Group: Busy Snacks Group was formed from the 2023 merger of two rival snack chains: Busy Snacks and Zhao Yiming Snacks. They engaged in a price war before merging and now operate under the Busy Snacks Group, with both brands maintaining independent operations. After surpassing 10,000 stores, the combined entity officially adopted its new group name in June 2024.

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What Happened When

2023：: Busy Snacks and Zhao Yiming Snacks engaged in a fierce price war in southern China that saw discounts deepen to 50%.

Late 2023：: Busy Snacks and Zhao Yiming Snacks merged and operated under Busy Snacks Group, though both brands maintained independent operations.

June 2024：: Busy Ming (the combined entity) officially adopted its new group name after its total store count surpassed 10,000.

April 2025：: Busy Ming initially submitted its IPO application to the Hong Kong Stock Exchange.

October 2025：: Busy Ming refiled its IPO application after the first one lapsed.

As of September 30, 2025：: Busy Ming operated 19,517 stores across 28 provinces.

December 2025：: The China Securities Regulatory Commission (CSRC) approved the company's overseas listing plan, authorizing the share issuance and conversion.