BRIEF:  Busy Ming Hong Kong IPO gets CSRC nod

Snack shop operator Busy Ming Group Co. Ltd.’s Hong Kong IPO has been cleared by the Chinese stock regulator, as the China Securities Regulatory Commission (CSRC) posted a registration notice  for the plan on its official website on Thursday. The step removes one of the last major obstacles for the company’s listing to move forward.

According to the announcement, Busy Ming plans to sell up to 767 million ordinary shares, which would trade on the Hong Kong Stock Exchange. Some 25 shareholders intend to convert a total of 198 million domestic unlisted shares into overseas-listed shares, which will also be tradable on the Hong Kong Stock Exchange.

Busy Ming was formed through the November 2023 merger of two leading brands in the bulk-snack industry, Busy for You and Super Ming, making it the largest leisure snack and beverage chain in China.

As of June this year, Busy Ming had 16,783 stores, covering 28 provinces in China. In the first half of this year, the company recorded revenue of 28.12 billion yuan ($4 billion), up 86.5% year-on-year, while its adjusted net profit surged 265.5% to 1.03 billion yuan.

Busy Ming submitted its first listing application to the Hong Kong Stock Exchange in April this year, and updated its application on Oct. 28.

By Lee Shih Ta

To subscribe to Bamboo Works weekly free newsletter, click here