Chinese snack and beverage retailer Busy Ming has passed a Hong Kong listing hearing, clearing the way for an initial public offering expected to raise at least US$100 million (HK$780 million).
The company received approval from China's securities regulator last month to proceed with an offshore listing. It plans to issue up to 76.7 million overseas-listed shares, while 25 existing shareholders intend to convert about 198 million domestic shares into H shares to be traded in Hong Kong.
Busy Ming posted strong earnings growth in the first nine months to September 2025, with profit more than tripling from a year earlier, while revenue surged 75.2 percent, according to its prospectus. Gross margin expanded to 9.7 percent, an increase of 2.5 percentage points.
Gross merchandise value jumped 74.5 percent year-on-year, while total orders rose 97.3 percent, with average daily orders per store edging up to 481.
