Food and beverage chain Busy Ming has debuted on the HKEX main board, raising HKD3.67 billion (USD469 million) and becoming the first bulk snack retailer to list in Hong Kong. Clifford Chance, CM Law Firm, Cleary Gottlieb, Jingtian & Gongcheng and Han Kun Law Offices provided legal services.
Busy Ming offered a total of 15.51 million shares at HKD236.60 each, comprising 1.41 million shares to the Hong Kong public and the remainder offered internationally. Goldman Sachs and Huatai International acted as joint sponsors.
The IPO attracted more than a dozen cornerstone investors, including Tencent, Temasek, BlackRock and Fidelity. On its first day of trading, the shares opened 88.08% higher than the issue price, with the company’s market capitalisation at one point reaching HKD95.28 billion.
Clifford Chance acted as Hong Kong and US counsel for Busy Ming, with partners Xiang Tianning and Jean Thio leading the team. CM Law Firm served as PRC counsel, while Han Kun was additionally engaged as China data compliance adviser.
Cleary Gottlieb advised the joint sponsors and underwriters on Hong Kong and US law, with the team led by partners Freeman Chan, Zhao Shuang, Zhang Miao and Zhang Biyuan. Jingtian & Gongcheng acted as PRC counsel to the underwriters, led by partners Zhang Zhiqiang and Fu Siqi, with partner Wen Guoning also on the team.
Bulk snacks are a rapidly growing retail format in China, particularly in lower tier cities, driven by ultra-competitive pricing and highly efficient supply chains. By cutting out intermediaries and sourcing directly from manufacturers, such retailers can offer hundreds or even thousands of snack products at prices lower than at supermarkets and online platforms.
Listing proceeds will be used to enhance Busy Ming’s supply chain and product development capabilities, upgrade its store network, and support brand building and promotional initiatives.
Busy Ming was formed through the strategic merger of Busy for You and Super Ming in November 2023, following the former’s acquisition of the latter. The two snack retail brands continue to operate under a dual-brand model. The prospectus states that, as of the end of September 2025, the company operated 19,517 stores across 28 provinces in China.
In January 2025, the State Administration for Market Regulation, China’s top market watchdog, imposed a RMB1.75 million (USD251,740) fine on Busy Ming for failing to properly notify a concentration of undertakings, while concluding that the transaction did not constitute a monopoly.
