Mingming Busy starts its IPO today: the most high-profile cornerstone lineup in recent years with approximately USD 200 million in subscriptions

This is arguably the most high-profile cornerstone lineup for a Hong Kong IPO in recent years.

According to IPO Early Intelligence, Hunan Mingming Busy Commercial Chain Co., Ltd. (hereinafter referred to as "Mingming Busy") begins its IPO subscription today until January 23rd and plans to officially list on the Main Board of the Hong Kong Stock Exchange under the stock code "1768" on January 28, 2026, thereby becoming the first "bulk snack" stock in Hong Kong stocks.

Mingming Busy plans to issue 14,101,100 H shares in this IPO. Among them, 1,410,200 H shares will be offered publicly in Hong Kong, and 12,690,900 H shares will be allocated internationally.Based on the offering range of HKD 229.60 to HKD 236.60 per share, Mingming Busy’s IPO is expected to raise between HKD 3.237 billion and HKD 3.336 billion, with an IPO market capitalization ranging from HKD 49.158 billion to HKD 50.656 billion.

It is worth mentioning that,Mingming Busy has introduced what can be called the most luxurious cornerstone lineup for a Hong Kong IPO in recent years, with eight cornerstone investors collectively subscribing to approximately USD 195 million. This covers global sovereign wealth funds, well-known domestic and overseas asset management institutions, as well as strategic investors from the consumer industry.Among them, Tencent and Temasek (Temasek) each subscribed for USD 45 million, BlackRock subscribed for USD 35 million, Fidelity subscribed for USD 30 million, and Taikang Life, Bosera International, E Fund, and Springs Capital each subscribed for USD 10 million.

This collective endorsement by top-tier cornerstone investors not only reflects recognition of Mingming Busy’s business development and financial stability but also builds a solid protective wall for its valuation.

Previously, Mingming Busy had already received investments from well-known institutions such as Gaorong Capital, Sequoia China, Black Ant Capital, FiveSource Capital, and Qiming Capital.

As China’s largest chain retailer of snacks and beverages, Mingming Very Busy integrates its dual brands, 'Snacks Are Busy' and 'Zhao Yiming Snacks,' through deep fusion, unified operational systems, and organizational structures. This enables seamless collaboration and standardized operations, with group-level management enhancing supply chain and operational efficiency across the board.

As of September 30, 2025, Mingming Busy operated 19,517 stores nationwide, covering 28 provinces and all tiers of cities across China. Additionally, according to Frost & Sullivan certification in September 2025, Mingming Busy became the first company in the industry to surpass 20,000 stores, further solidifying its market-leading position.

In the first three quarters of 2025, Mingming Busy achieved a GMV of RMB 66.1 billion, representing a year-on-year increase of 74.5%, and served 2.1 billion consumers, both exceeding the full-year figures for 2024.According to a Frost & Sullivan report, based on 2024 GMV, Mingming Busy has become China’s largest chain retailer of snack foods and beverages.

As the leader in bulk snack retailing, Mingming Busy leverages direct procurement from manufacturers, large-scale purchasing, and efficient warehousing and distribution to build significant cost advantages. By offering a high SKU count, rapid product updates, and customized products, it enhances consumer trial and repeat purchases. Through an extensive store network, it delivers high-quality yet affordable snacks to consumers nationwide.

As of September 30, 2025, Mingming Busy had 3,997 SKUs in inventory, approximately 34% of which were custom-developed by manufacturers to better match consumer demand. At the same time, over 38% of the products are sold in bulk by weight, combined with a monthly iteration rhythm of 100 new products. This not only effectively lowers the threshold for consumer trials but also provides new experiences and continuously attracts repeat purchases.As of September 30, 2025, Mingming Is Busy registered over 180 million members, with a member repurchase rate of 77% in the past twelve months, demonstrating high user stickiness.

Behind the rich product portfolio lies a stable and efficient supply chain system. By September 30, 2025, Mingming Is Busy had established partnerships with over 2,500 high-quality manufacturers, including 50% of the companies listed in the Hurun China Food Industry Top 100. Relying on 48 logistics warehouses nationwide and a 300-kilometer distribution radius, Mingming Is Busy achieved 24-hour efficient replenishment. In 2024, the inventory turnover period was 11.6 days, and warehousing and logistics costs accounted for 1.7% of total revenue, both leading in the industry, while product prices were approximately 25% lower than the average supermarket prices.

In addition, Mingming Is Busy primarily achieves light-asset development through a franchise model, relying on standardized operations and systematic empowerment from the headquarters to form long-term win-win relationships with franchisees. Mingming Is Busy offers comprehensive solutions covering site selection, training, operational support, and rapid response mechanisms, helping franchisees improve single-store operational efficiency. Based on the characteristics of different regions, store types, and consumer groups, Mingming Is Busy provides visual display templates that support differentiated traffic flow and product displays, achieving unique layouts for each of its many stores. Meanwhile, standardized management is implemented in areas such as store decoration styles and customer service to ensure consumers receive a consistently stable experience across all stores.

The stable operation of the franchise ecosystem is built on the underlying support of digital capabilities. According to a Frost & Sullivan report, Mingming Is Busy has established full-process digital capabilities covering product selection and procurement, warehousing and logistics, franchisee and store management, and is also among the first in the industry to use data-driven methods for forecasting, monitoring orders, and automatically generating order suggestions. As of September 30, 2025, Mingming Is Busy has the largest digital team in the industry and was the first to launch a series of application tools including a smart retail platform, intelligent remote store inspections, the 'Q&M Dental' mini-program for product selection, and a fully digital warehouse transportation management system. These digital achievements have collectively driven the company’s operational efficiency and standardization to the forefront of the industry.

In terms of financial data,In the first three quarters of 2025, Mingming Is Busy achieved revenue of 46.371 billion yuan, representing a year-on-year increase of 75.2%; adjusted net profit reached 1.810 billion yuan, reflecting a significant year-on-year increase of 240.8%; during the same period, net operating cash flow amounted to 2.190 billion yuan.

From 2022 to 2024, Mingming Hen Mang's revenue increased 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 grew from 0.81 billion yuan to 9.13 billion yuan, achieving a three-year CAGR of 234.6%. From 2022 to the first three quarters of 2025, Mingming Hen Mang's gross margin steadily improved from 7.5% to 9.7%, while its adjusted net margin increased from 1.9% to 3.9%, demonstrating continuously enhanced profitability and certainty of earnings.

According to Frost & Sullivan, China's leisure food retail market size was 3.7 trillion yuan in 2024 and is expected to grow further to 4.9 trillion yuan by 2029. Based on scale advantages, supply chain barriers, and high growth potential, Mingming Is Busy will undoubtedly become one of the highly scarce targets in the Hong Kong stock market.

This article is an original piece by IPO Early Insights

Author｜Stone Jin

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