Valued at 50 billion yuan, surpassing Wanchen! Mingming is busy capturing the Hong Kong stock market

The ** reporter Zhong Kai, Shenzhen report

Hunan Mingming Is Busy Commercial Chain Co., Ltd. (hereinafter referred to as 'Mingming Is Busy'), a domestic bulk snack giant, has entered a critical phase in its pursuit of becoming the 'first bulk snack stock' on the Hong Kong stock exchange since passing the Hong Kong Stock Exchange listing hearing on January 6, 2026.

On January 20, Mingming Is Busy officially launched its global offering, planning to list on the main board of the Hong Kong Stock Exchange on January 28 with stock code 01768. The company intends to offer 14,101,100 shares globally, including approximately 12,690,900 for international offerings and about 1,410,200 shares for the Hong Kong public offering (equivalent to 14,100 lots, with 100 shares per lot), with the share price range set between HKD 229.60 and 236.60.

If the median offer price of HKD 233.10 is used for calculation,after deducting relevant expenses, Mingming Is Busy is expected to receive net proceeds from the global offering of approximately HKD 3.124 billion; assuming the over-allotment option and over-subscription rights are exercised in full, it will raise HKD 3.96 billion.

This offering size aligns with the expectations during roadshow fundraising. A week earlier, foreign media cited sources indicating that Mingming Is Busy had already started its pre-IPO roadshow, intending to raise USD 400-500 million (approximately HKD 3.12-3.9 billion), significantly higher than previous market rumors of USD 100-200 million. The Sing Tao Daily sought confirmation from Mingming Is Busy regarding this information, but they declined to comment.

The Sing Tao Daily learned that Mingming Is Busy has introduced eight cornerstone investors in this offering, with total subscription amounts reaching approximately USD 195 million (around HKD 1.52 billion). Among them, Tencent subscribed for HKD 351 million through Huang River Investment Limited, and Temasek subscribed for HKD 351 million through Taibai Investments Pte. Ltd. Next, BlackRock subscribed for HKD 273 million, Fidelity subscribed for HKD 234 million; four other cornerstone investors—Taikang Life, Bosera International, E Fund, and Springs Capital—subscribed for HKD 78 million each.

▲ Ming Ming is very busy with the details of cornerstone investors' allocations, source: Wind

Based on the offer price, Mingming Is Busy's corresponding market value is estimated at HKD 49.158-50.656 billion, surpassing the current market value of Wanchen Group (SZ:300972), the leading bulk snack company listed on the A-share market. As of the close on January 20, Wanchen Group rose by 6.04% to CNY 212 per share, with a total market value of CNY 40.045 billion (approximately HKD 44.862 billion).

Some investors analyzed that Wanchen Group’s current dynamic PE ratio is around 35x. Considering an average AH discount of 30%, its PE ratio would be about 24.5x. In comparison, Mingming Is Busy's dynamic PE ratio based on the offer price is approximately 17.5-18.1x, which is still lower than industry peers. However, the final valuation will depend on post-listing stock performance.

A low valuation combined with market enthusiasm has made it much harder for retail investors to secure an allocation.On one hand, Mingming Is Busy’s Hong Kong public offering consists of only 14,100 lots, accounting for 10% of the global offering, making available shares scarce. On the other hand, the minimum subscription fee per lot is as high as HKD 23,900, far exceeding the average level of Hong Kong IPOs, further filtering out the pool of investors. Given the current market sentiment, insiders estimate that the one-lot winning rate for Mingming Is Busy could be below 5%.

Data shows that in 2017, the first store of “Snack Is Busy” was opened in Changsha, Hunan, founded by Yan Zhou. Two years later, the first store of “Zhao Yi Ming Snacks” opened in Yichun, Jiangxi, founded by Zhao Ding. In November 2023, Snack Is Busy completed the acquisition of Zhao Yi Ming Snacks, officially merging the two brands into today’s “Mingming Is Busy,” creating a dual-brand collaborative layout.

As of the end of September 2025, Mingming Is Busy had 19,500 stores covering 28 provinces and 1,341 counties, with a county-level market coverage rate exceeding 66%, and 59% of its stores located in counties and towns. In 2024, Mingming Is Busy recorded a GMV of approximately RMB 55.5 billion (RMB 66.1 billion in the first three quarters of 2025). Based on the GMV of leisure food and beverage products in 2024, the company is the largest chain retailer in China.

From 2022 to 2024, Mingming Is Busy’s revenue increased from RMB 4.286 billion to RMB 39.344 billion, with an annual compound growth rate of nearly 203%. In the first three quarters of 2025, it grew to RMB 46.371 billion. During this period, the gross margin increased from 7.5% to 9.3%, and the net profit margin rose from 1.68% to 3.36%, indicating a recovery in profitability.

In contrast, Wanchen Group's revenue for the first three quarters of 2025 increased by 77.37% year-over-year to RMB 36.562 billion, still nearly RMB 10 billion behind Mingming Is Busy; although the company's gross margin reached 11.69% during the period, the net profit margin was only 2.34%.

▲Mingming Is Busy made a last-minute dividend distribution before its IPO.

Notably, in the month prior to its initial filing in late April 2025, Mingming Is Busy decided to declare a dividend of RMB 300 million, which was paid in April. If we extend the timeline, it had already paid dividends of RMB 194 million and RMB 32 million in 2023 and 2024, respectively. This means that the company has distributed total dividends of RMB 526 million in the three critical years before its IPO.

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