BUSINESS

China’s Largest Discount Snack Chain Skyrockets in Hong Kong Trading Debut

Published: Jan. 28, 2026 7:30 p.m. GMT+8

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The bell-ringing ceremony for Busy Ming’s listing. Photo: Busy Ming

Shares of Busy Ming Group Co. Ltd. surged in their Hong Kong trading debut on Wednesday, reflecting strong investor interest in the Chinese mainland’s largest discount snack chain.

The stock opened 88% higher at HK$445 ($57) before paring some gains to close at HK$400, up 69% from its offering price. The debut gave the company a market capitalization of about HK$84.9 billion.

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Busy Ming Group surged 69% on its Hong Kong debut, reaching a HK$84.9 billion market cap and raising HK$3.5 billion from its IPO.
The company reported 74.5% GMV growth and 240.8% net profit increase in Jan–Sept 2025, operating 21,041 stores across China.
Cornerstone investors like Tencent and BlackRock hold nearly 3%, but analysts warn of low profit margins and uncertain long-term prospects.

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Who’s Who

Busy Ming Group Co. Ltd.: Busy Ming Group Co. Ltd. is the largest discount snack chain in mainland China. The company's shares surged in their Hong Kong trading debut, reflecting strong investor interest. It raised HK$3.5 billion from its IPO, with plans to invest in supply chain, product development, and outlet upgrades. Formed from the merger of two rival chains, Busy Snacks and Zhao Yiming Snacks, it expanded significantly, exceeding 21,000 stores across China by late 2025.

Tencent: Tencent was a cornerstone investor in Busy Ming, China's largest discount snack chain, ahead of its Hong Kong trading debut. Along with Temasek and BlackRock, Tencent collectively subscribed to nearly 3% of Busy Ming's total issued capital, contributing to the strong investor interest and the snack chain's successful debut.

Temasek: Temasek is listed as one of the heavyweight cornerstone investors in Busy Ming Group Co. Ltd.'s Hong Kong trading debut. Along with Tencent and BlackRock, Temasek subscribed to shares, collectively accounting for nearly 3% of the company's total issued capital.

BlackRock: BlackRock is mentioned as one of the heavyweight cornerstone investors in Busy Ming Group Co. Ltd. They, along with Tencent and Temasek, collectively subscribed to nearly 3% of Busy Ming's total issued capital, indicating their confidence in the Chinese discount snack chain during its Hong Kong trading debut.

East Asia Securities: East Asia Securities is a financial institution that employs investment strategists. One of their strategists, Wu Yongqiang, offered insights into the strong trading debut of Busy Ming Group Co. Ltd. He attributed the success to a bullish Hong Kong market, Busy Ming's industry leadership, and prominent cornerstone investors, while also cautioning about the sustainability of its stock price due to the industry's nature and low-profit margins.

Busy Snacks: Busy Snacks was one of two rival snack chains that merged to form Busy Ming Group Co. Ltd. in late 2023. These two companies engaged in a fierce price war in southern China in 2023. Busy Snacks and Zhao Yiming Snacks merged under the name Busy Snacks Group, and later officially adopted the group name Busy Ming in June 2024. Both brands continue to operate independently.

Zhao Yiming Snacks: Zhao Yiming Snacks merged with Busy Snacks in late 2023 after a fierce price war. They now operate under the Busy Ming Group, though both brands maintain independent operations. Busy Ming Group, the parent company, recently had a successful trading debut in Hong Kong, with shares surging. The group is the largest discount snack chain in mainland China, boasting over 21,000 stores nationwide as of November 2025.

Busy Snacks Group: Busy Snacks Group is China's largest discount snack chain, formed by the 2023 merger of Busy Snacks and Zhao Yiming Snacks. The combined entity, which operates both brands independently, officially adopted its current group name in June 2024. It recently had a strong Hong Kong trading debut, raising HK$3.5 billion in its IPO. The company boasts significant growth, with 21,041 stores across China as of November 30. Its investors include Tencent, Temasek, and BlackRock.

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What Happened When

Late 2023：: Busy Snacks and Zhao Yiming Snacks merged after a price war in southern China.

June 2024：: The combined entity officially adopted the name Busy Ming Group after its store count surpassed 10,000.

2024：: Busy Ming's GMV for the whole year was exceeded in the first nine months of 2025.

First nine months of 2025：: Busy Ming generated 66.1 billion yuan in GMV, a 74.5% year-on-year increase; revenue increased by 75.2% to 46.4 billion yuan; and adjusted net profit surged to 1.8 billion yuan.

As of November 30, 2025：: Busy Ming operated 21,041 stores across China.

January 28, 2026：: Busy Ming debuted in Hong Kong stock market, with shares surging on the first trading day and a market capitalization of about HK$84.9 billion.

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