BRIEF: Busy Ming buzzes up in Hong Kong trading debut
Shares of snack retailer Busy Ming Group Co. Ltd. (1768.HK) opened up 88% at HK$445 on Wednesday in their Hong Kong trading debut, and held on to most of the gains to close up 70% at HK$403 by the midday break.
The company sold 15.51 million shares priced at HK$236.60 apiece, representing the top of their range, raising HK$3.53 billion ($507 million) in net proceeds. The public offering for local Hong Kong investors was oversubscribed by 1,898 times, while the international placement was 43.4 times covered. Eight cornerstone investors bought shares, including Tencent and Temasek.
The company’s gross merchandise value (GMV) reached 66.1 billion yuan ($9.5 billion) in the first nine months of last year, surpassing the 55.5 billion yuan for all of 2024. Its net profit in the first nine months of last year more than tripled year-on-year to 1.56 billion yuan.
By Lau Chi Hang
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