HK Grey Market | Chinese Retailer Busy Ming Soars 54% in Grey Market Trading

Chinese retailer Busy Ming soared 54% in Hong Kong’s grey market trading, the shares begins trading on Jan 28. Busy Ming Headquartered in Changsha and in business since 2017, Busy Ming has grown into a national player in China’s fragmented snack market by focusing on small pack sizes and budget-friendly pricing.

It operates the Busy for You and Super Ming chains. Both offer similar product line-ups, with Busy for You concentrated in south China and Super Ming concentrated in north China.

Cornerstone investors include Tencent, Temasek, BlackRock and FIL Investment, according to its prospectus.

The company said that proceeds will go towards supply-chain improvements and product development, as well as upgrading its store network and supporting franchisees. It also plans to invest in brand building, technology and selective acquisitions.

Unlike many retailers chasing e-commerce growth, Busy Ming sells exclusively offline, aiming to drive foot traffic with prices about 25 per cent below the average of comparable supermarket offerings.

At its stores – which number just over 19,500 and are almost all franchised – there are egg tarts at 1.65 yuan (S$0.30) apiece, Coca-Cola at 1.8 yuan a bottle, self-branded oolong tea at 1.9 yuan, and single servings of snacks like quail eggs and chicken feet.

Its shelves include goods from more than 750 multinational and domestic brands such as Mars, Pepsi, Starbucks, and Genki Forest.

A Beijing store manager, Chi Huanhuan, said that the biggest draw is affordability. “We save money for our customers and that’s why they come to us.”

According to its prospectus, in the first nine months of 2025 revenue climbed 75 per cent to 66.1 billion yuan from a year earlier. Busy Ming estimated 2025 profit at not less than 2.3 billion yuan.

Ben Cavender, managing director at Shanghai-based China Market Research Group, said that its business model looks durable because it attracts traffic across small and big cities alike and offers a broad range of snacks.