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wrote a column · Jan 20 08:51

IPO News | “Food and Beverage Retailer” Mingming Busy Launches Bookbuilding, Scheduled to Go Public on January 28, with a Minimum Subscription Amount of HKD 23,898.62

Futu Information, January 20th update,$BUSYMING (01768.HK)$Announcement issued: bookbuilding will take place from January 20th to January 23rd. The company plans to offer approximately 14,101,100 shares globally, with an expected listing date of January 28th.
Futu Information, January 20th update,$BUSYMING (01768.HK)$Announcement issued: bookbuilding will take place from January 20th to January 23rd. The company plans to offer approximately 14,101,100 shares globally, with an expected listing date of January 28th. Company Overview The company is a mature and steadily growing food and beverage retailer in China. Most of its stores in the network are located in high-traffic, easily accessible street-side locations, aiming to provide a joyful and comfortable shopping experience. The company offers a wide variety of products with excellent value for money and frequent updates. Its founding stems from the founder’s adoption of a bulk retail model*, aimed at meeting the public's demand for quality yet affordable snacks. Through supply chain restructuring and continuous improvement of product mix, it has enriched its product offerings and redefined the retail pricing system. The unique expertise accumulated by the company in the snack sector also benefits other categories, allowing it to expand into a broader range of products. As of September 30, 2025, the company operates a network of 19,517 stores covering 28 provinces across China and all tiers of cities, with about 59% of its stores located in counties and towns. Financial Overview Revenue increased from RMB 4,285.7 million in 2022 to RMB 10,295.3 million in 2023, and further grew to RMB 39,343.5 million in 2024, 2...
Company Overview
The company is a mature and steadily growing food and beverage retailer in China. Most of its stores in the network are located in high-traffic, easily accessible street-side locations, aiming to provide a joyful and comfortable shopping experience. The company offers a wide variety of products with excellent value for money and frequent updates. Its founding stems from the founder’s adoption of a bulk retail model*, aimed at meeting the public's demand for quality yet affordable snacks. Through supply chain restructuring and continuous improvement of product mix, it has enriched its product offerings and redefined the retail pricing system.
The unique experience the company has accumulated in the snack sector has also benefited other areas, leading to an expansion into a broader range of product categories. As of September 30, 2025, the company's network consists of 19,517 stores, covering 28 provinces in China and all tiers of cities, with approximately 59% of the stores located in county towns and rural areas.
Financial Overview
From RMB 4,285.7 million in 2022 to RMB 10,295.3 million in 2023, and further to RMB 39,343.5 million in 2024, representing a compound annual growth rate of 203.0% from 2022 to 2024. The company’s revenue for the nine months ended September 30, 2024, increased further from RMB 26,465.5 million to RMB 46,371.5 million for the nine months ended September 30, 2025.
In 2022, 2023, 2024, and for the nine months ended September 30, 2024, and 2025, the company’s gross profit was RMB 319.4 million, RMB 772.3 million, RMB 2,999.0 million, RMB 1,899.8 million, and RMB 4,510.0 million, respectively. In the same periods, the company’s gross margin was 7.5%, 7.5%, 7.6%, 7.2%, and 9.7%, respectively.
Futu Information, January 20th update,$BUSYMING (01768.HK)$Announcement issued: bookbuilding will take place from January 20th to January 23rd. The company plans to offer approximately 14,101,100 shares globally, with an expected listing date of January 28th. Company Overview The company is a mature and steadily growing food and beverage retailer in China. Most of its stores in the network are located in high-traffic, easily accessible street-side locations, aiming to provide a joyful and comfortable shopping experience. The company offers a wide variety of products with excellent value for money and frequent updates. Its founding stems from the founder’s adoption of a bulk retail model*, aimed at meeting the public's demand for quality yet affordable snacks. Through supply chain restructuring and continuous improvement of product mix, it has enriched its product offerings and redefined the retail pricing system. The unique expertise accumulated by the company in the snack sector also benefits other categories, allowing it to expand into a broader range of products. As of September 30, 2025, the company operates a network of 19,517 stores covering 28 provinces across China and all tiers of cities, with about 59% of its stores located in counties and towns. Financial Overview Revenue increased from RMB 4,285.7 million in 2022 to RMB 10,295.3 million in 2023, and further grew to RMB 39,343.5 million in 2024, 2...
Industry Overview
Food and beverages encompass a wide range of products that meet people’s leisure enjoyment and daily nutritional needs, forming an important part of China’s consumer market. The continuous expansion of China’s economy, along with ongoing urbanization and rising disposable incomes, has driven steady growth in China’s food and beverage market, making it the largest such market globally. As food and beverages are everyday necessities, China’s food and beverage market is expected to maintain stable growth in the future.
Retailers play a key role in connecting consumers with manufacturers. The market size of China’s food and beverage retail industry has experienced steady growth in recent years, increasing from RMB 5.5 trillion in 2019 to RMB 7.1 trillion in 2024, representing a compound annual growth rate of 5.2%. By 2029, the market size of China’s food and beverage retail industry is expected to reach approximately RMB 8.7 trillion, with a compound annual growth rate of 4.3% from 2024 to 2029. Below is a chart showing the historical and projected market size of China’s food and beverage retail industry from 2019 to 2029.
Futu Information, January 20th update,$BUSYMING (01768.HK)$Announcement issued: bookbuilding will take place from January 20th to January 23rd. The company plans to offer approximately 14,101,100 shares globally, with an expected listing date of January 28th. Company Overview The company is a mature and steadily growing food and beverage retailer in China. Most of its stores in the network are located in high-traffic, easily accessible street-side locations, aiming to provide a joyful and comfortable shopping experience. The company offers a wide variety of products with excellent value for money and frequent updates. Its founding stems from the founder’s adoption of a bulk retail model*, aimed at meeting the public's demand for quality yet affordable snacks. Through supply chain restructuring and continuous improvement of product mix, it has enriched its product offerings and redefined the retail pricing system. The unique expertise accumulated by the company in the snack sector also benefits other categories, allowing it to expand into a broader range of products. As of September 30, 2025, the company operates a network of 19,517 stores covering 28 provinces across China and all tiers of cities, with about 59% of its stores located in counties and towns. Financial Overview Revenue increased from RMB 4,285.7 million in 2022 to RMB 10,295.3 million in 2023, and further grew to RMB 39,343.5 million in 2024, 2...
Cornerstone Investor
The cornerstone investors have agreed to subscribe for, or procure their designated entities to subscribe for, a total of approximately USD 195.0 million (or approximately HKD 1,519.9 million) worth of offer shares at the offer price, subject to certain conditions. Assuming an offer price of HKD 233.10 per H share (the midpoint of the indicative offer price range set out in this prospectus), the total number of offer shares subscribed by the cornerstone investors will be 6,519,800 shares. The cornerstone investors include: Tencent, Temasek, BlackRock, Fidelity Funds, Bosera International, E Fund, Springs Capital, and Taikang Life.
Futu Information, January 20th update,$BUSYMING (01768.HK)$Announcement issued: bookbuilding will take place from January 20th to January 23rd. The company plans to offer approximately 14,101,100 shares globally, with an expected listing date of January 28th. Company Overview The company is a mature and steadily growing food and beverage retailer in China. Most of its stores in the network are located in high-traffic, easily accessible street-side locations, aiming to provide a joyful and comfortable shopping experience. The company offers a wide variety of products with excellent value for money and frequent updates. Its founding stems from the founder’s adoption of a bulk retail model*, aimed at meeting the public's demand for quality yet affordable snacks. Through supply chain restructuring and continuous improvement of product mix, it has enriched its product offerings and redefined the retail pricing system. The unique expertise accumulated by the company in the snack sector also benefits other categories, allowing it to expand into a broader range of products. As of September 30, 2025, the company operates a network of 19,517 stores covering 28 provinces across China and all tiers of cities, with about 59% of its stores located in counties and towns. Financial Overview Revenue increased from RMB 4,285.7 million in 2022 to RMB 10,295.3 million in 2023, and further grew to RMB 39,343.5 million in 2024, 2...
Use of Proceeds
In terms of fundraising purposes, Mingming Very Busy expects net proceeds from the global offering to be approximately HKD 3.124 billion (assuming the over-allotment option is not exercised and based on an offer price of HKD 233.10). According to the prospectus, Mingming Very Busy intends to use the proceeds raised from the global offering as follows:
Approximately 25.0% will be used to enhance the company’s supply chain capabilities and improve its product development capacity. Approximately 20.0% will be allocated to upgrading the store network and continuously empowering franchisees. Approximately 20.0% will go towards brand building and promotional activities. Approximately 20.0% will be used to improve the company’s technological capabilities and digitalization level. Around 5.0% will be earmarked for selectively pursuing strategic investments and acquisition opportunities complementary to the company’s business. About 10.0% will be used for working capital and other general corporate purposes.
More reading:Mingming is very busy with the prospectus.
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Futu Information, January 20th update,$BUSYMING (01768.HK)$Announcement issued: bookbuilding will take place from January 20th to January 23rd. The company plans to offer approximately 14,101,100 shares globally, with an expected listing date of January 28th. Company Overview The company is a mature and steadily growing food and beverage retailer in China. Most of its stores in the network are located in high-traffic, easily accessible street-side locations, aiming to provide a joyful and comfortable shopping experience. The company offers a wide variety of products with excellent value for money and frequent updates. Its founding stems from the founder’s adoption of a bulk retail model*, aimed at meeting the public's demand for quality yet affordable snacks. Through supply chain restructuring and continuous improvement of product mix, it has enriched its product offerings and redefined the retail pricing system. The unique expertise accumulated by the company in the snack sector also benefits other categories, allowing it to expand into a broader range of products. As of September 30, 2025, the company operates a network of 19,517 stores covering 28 provinces across China and all tiers of cities, with about 59% of its stores located in counties and towns. Financial Overview Revenue increased from RMB 4,285.7 million in 2022 to RMB 10,295.3 million in 2023, and further grew to RMB 39,343.5 million in 2024, 2...
Editor/Vincent
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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