BUSYMING(01768.HK)

Mingming is very busy: How did the 'Pinduoduo of the snack industry' achieve its success?

Is it just a 'snack transporter,' or is there more to it?

On its HK debut today, $BUSYMING(01768.HK) surged over 88%. The deal was ~1,900x oversubscribed, with Tencent and Temasek among the cornerstone backers, igniting the market for the first bulk-snack retailer. It, too, is a middleman capturing the spread between suppliers and franchisees, so why does it lead the pack and command such investor interest? Dolphin Research previously argued the edge comes from taking 'low price' and 'efficiency' to the extreme while precisely targeting a whitespace.First, it cut out the long chain of intermediaries. Traditional snacks pass through multiple layers of distributors and sub-distributors, each adding markups that bloat end prices. By sourcing directly from major upstream brands via large-scale centralized procurement, it secures very low purchase costs and sells to franchisees at prices 20%–30% below traditional channels, effectively passing middleman margins to consumers and franchisees to outcompete other brokers.Second, its operating efficiency is hard for peers to match. While other retail formats turn inventory over in several dozen days, this model runs at just 11 days, speeding cash and goods flow, reducing near-expiry risk, and adapting quickly to trending snacks. Powered by digital systems and AI-driven replenishment that calculates what to restock and when, it saves time and cost from sourcing through delivery, far outperforming traditional middlemen.Lastly, it nailed the whitespace in lower-tier markets. Consumers in tier-3/4 cities and towns are most price-sensitive, yet efficient snack retail channels were lacking. By opening near residential communities and putting affordable snacks within 300 meters, it filled the demand gap. Franchise-led expansion has been rapid, with store count rising from under 2,000 to 20,000 in two years. Greater scale strengthens bargaining power with suppliers, driving lower purchase prices and reinforcing a flywheel of 'low price → more stores → lower purchase price → even lower price'. Over time, this has left peers behind and cemented its No.1 position.

Chinese snack retailer Busy Ming surges more than 80% in Hong Kong debut

Busy Ming Groupshares surged over 80% on their Hong Kong debut, opening at HK$445, significantly above the offer price of HK$236.60. The company raised HK$3.67 billion ($470.50 million) in its IPO, selling 15.5 million shares, which were oversubscribed nearly 1,900 times in the retail portion. The funds will be used for supply-chain improvements, product development, store upgrades, and franchisee support.

On the first day of trading, BUSYMING opened at 445 yuan, 88.1% higher than the listing price

BUSYMING's dark market closed at 408 yuan yesterday, 72.4% higher than the listing price. Today is the first day of listing, opening at 445 yuan, 88.1% higher than the listing price of 236.6 yuan, with a trading volume of 3.4671 million shares during the opening session

"Hong Kong Stocks" Hang Seng Index opened high at 198 points, HSBC rose over 2%, gold and silver stocks surged

The Hong Kong stock market opened higher in the morning, with the Hang Seng Index rising 198 points to 27,325 points, and the National Index and Hang Seng Tech Index also increasing by 58 points and 31 points, respectively. HSBC opened 2.2% higher, and gold and silver stocks generally rose, with China Gold International opening 3.8% higher. In the technology sector, Tencent and NetEase opened 1% higher, while Alibaba and JD also saw slight increases. CANSINOBIO is expected to turn a profit last year, with its stock price opening 3.3% higher. CHINA OVS PPT opened 10.5% lower. BUSYMING debuted at 445 yuan, 88 yuan higher than the listing price