Mingming Is Very Busy (1768.HK) went public today, with Futu as the sole collaborating technology brokerage firm helping the company successfully list on the Hong Kong Stock Exchange!

January 28th,$BUSYMING (01768.HK)$successfully listed on the Main Board of the Hong Kong Stock Exchange, becoming the first 'bulk snack stock in Hong Kong,' with its stock price surging nearly 90% above the offering price on its debut.

Mingming Is Very Busy Listing Ceremony

During this issuance process, Futu, with its solid investment banking expertise and diversified resource integration capabilities, acted as thejoint bookrunners (JBR) and joint lead managers (JLM).Meanwhile, Futu leveraged its mature corporate service ecosystem to assist Mingming Is Very Busy in establishing an efficient communication bridge for all participants in the capital markets, enabling precise transmission of the company's core value.

This listing of Mingming Is Very Busy in Hong Kong has drawn significant market attention. The IPO successfully attracted eight renowned domestic and overseas institutions as cornerstone investors, including Tencent, Temasek, Blackrock, Fidelity Funds, among others, with a cumulative subscription amount of approximately USD 195 million (about HKD 1.52 billion), demonstrating strong confidence from the capital markets in the company’s future development.

The prospectus shows that Mingming Is Very Busy is China's largest chain retailer of leisure food and beverages and a leader in the bulk snack model, owning two major brands: 'Snacks Are Very Busy' and 'Zhao Yi Ming Snacks.' By restructuring the supply chain to directly connect manufacturers with consumers, Mingming Is Very Busy meets the public's demand for high-quality yet affordable snacks through a wide variety of products, excellent cost-performance ratio, and frequent new product releases.

As of September 30, 2025, Mingming Busy had 19,517 operating stores nationwide, covering 28 provinces and cities of all tiers. Among them, 59% are located in counties and towns, with stores typically situated in high-traffic, easily accessible street locations, providing a fun and comfortable shopping experience. According to the China Chain Store Association, Mingming Busy ranked among the top 10 in China's chain industry in 2024 and was the fastest-growing chain enterprise.

In terms of financial performance, in the first nine months of 2025, the company's GMV reached 66.06 billion yuan, a year-on-year increase of 74.49%; revenue amounted to 46.371 billion yuan, an increase of 75.2% year-on-year; adjusted net profit was 1.81 billion yuan, representing a significant year-on-year growth of 240.8%. The net operating cash flow for the same period reached 2.19 billion yuan, demonstrating strong cash generation capabilities. From 2022 to 2024, Mingming Busy's revenue surged from 4.286 billion yuan to 39.344 billion yuan, with a three-year compound annual growth rate (CAGR) of 203%; during the same period, its adjusted net profit increased from 81 million yuan to 913 million yuan, with a three-year CAGR of 234.6%.

Regarding revenue sources, the company's income mainly comes from the sale of snacks and beverages to franchisees, while other revenue includes amortized franchise fees and services provided to franchisees.

In terms of fundraising purposes, Mingming Busy currently plans to allocate approximately 25% to enhance supply chain and product development capabilities; about 20% to support store network upgrades and continuous empowerment of franchisees; roughly 20% to brand building and promotional activities; around 20% to improving technological and digital capabilities; 5% to selectively seek strategic investments and acquisition opportunities that complement the company's business; and approximately 10% as working capital and for other general corporate purposes.

As a leading digital fintech company, Futu, supported by an investor ecosystem of over 28 million and a comprehensive corporate service system, is able to provide enterprises with end-to-end services throughout the pre-IPO, IPO, and post-IPO stages. These include one-stop ESOP option management solutions, Hong Kong and US IPO distribution*, investor relations (IR) and PR, financial public relations services, international placement*, and secondary trading services* among other core services.

As of Q3 2025, six out of the top ten companies by IPO fundraising in Hong Kong have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q3 were in partnership with Futu. In Q3, on the Futubull platform, 12 new stocks received subscriptions exceeding 100 billion Hong Kong dollars. Its capability in US IPOs has gained attention, with popular new stocks like Bullish, Figure, and Gemini achieving full allocation for US subscribing clients.

As of Q3 2025, Futu's corporate service clients reached 1,112, providing IPO distribution and IR services to 561 enterprises. It has successfully assisted 358 companies, including Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili, in going public in Hong Kong and the US. A total of 804 ESOP clients have been signed cumulatively, with 1,300 listed companies now on the Futu platform.**

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

**Data source: Futu's Q3 2025 earnings report

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