BUSYMING was listed on the Hong Kong Stock Exchange on January 28th. The stock's offering price was set between HK$229.60 and HK$236.60 per share, with a board lot size of 100 shares.
On the map of China's retail industry, a snack brand has accomplished a commercial legend in less than nine years, expanding from a single street-side store to a network of over 20,000 outlets covering 28 provinces. With its astonishing expansion speed and solid market position, the BUSYMING Group has not only reshaped the landscape of China's bulk snack industry but has also become the "first stock" in this segment on the Hong Kong market.
"Good Quality at a Low Price" In recent years, bulk snack stores have become one of the most common retail formats in commercial areas, alongside bubble tea shops, not only in second- and third-tier cities but also in small counties and towns. This model has put significant pressure on many traditional snack sales models.
Traditional retail often follows a "shelf-thinking" approach—where the store is a container for goods, and the core is "selling what we have." As an industry representative, BUSYMING's first victory was to completely break free from this mold, shifting to a user-centric philosophy of "providing what users need."
This shift is not merely a slogan but a redefinition of the value of the "person" in the "people-goods-field" relationship. Bain & Company's "2024 China Shopper Report" points out that a growing number of consumers are no longer solely chasing low prices but are focusing on "quality-to-price ratio"—that is, whether a product truly matches their needs and is worth using long-term.
With the improvement of infrastructure and the advancement of information equality, consumers in third- and fourth-tier cities, counties, and towns have consumption horizons and quality demands that are converging with those in first-tier cities, yet local supply has long lagged behind. BUSYMING has accurately captured and embraced this structural opportunity in the mass market.
Data shows that approximately 59% of BUSYMING's stores are located in counties and towns. This is not simply a case of channel下沉 (sinking); it is a strategic layout targeting a vast and thirsty incremental market. BUSYMING brings high-quality, affordable snack options directly to the doorsteps of consumers previously neglected by traditional retail networks, activating huge latent demand. Many households previously did not have a specific habit of buying snacks, but the presence of the stores has created new consumption scenarios and lifestyles—this is "demand creation," not a fight for existing market share.
How exactly does BUSYMING manage to be so cheap? BUSYMING's "good value" is not achieved through恶性低价 (vicious low pricing) that sacrifices quality or supply chain profits, but is the result of reshaping the value chain through extreme efficiency. By connecting directly with manufacturers and conducting large-scale centralized procurement, it drastically compresses traditionally lengthy circulation links and intermediary costs. The cost optimization brought by this efficiency improvement is ultimately passed on to consumers. Simultaneously, stable, massive orders provide operational certainty for upstream manufacturing enterprises, giving them more incentive to invest in R&D and production upgrades.
According to a Frost & Sullivan report, as of the end of 2024, the average price of BUSYMING's products was about 25% cheaper than similar products in offline supermarkets.
Beyond affordability, BUSYMING also provides "emotional supply" to consumers. Snack consumption naturally carries emotional and social attributes. BUSYMING creates an attractive "field of happiness" through bright lighting, abundant displays, and a wide array of goods. The act of purchasing is no longer a dull chore but a relaxed, pleasant life experience—part of family gatherings, friend sharing, or personal rewards. This deep挖掘 (excavation) and fulfillment of emotional value elevates it beyond a mere transactional space, making it an emotionally warm node in community life, greatly enhancing user stickiness and purchase frequency.
An important prerequisite for BUSYMING's success is the improvement in infrastructure and circulation efficiency brought about by the development of China's unified national market. Today's warehousing, logistics, and digital capabilities can support unified management on a national scale; without these conditions, it would be impossible to develop over 20,000 stores and manage them effectively and stably.
The "Digital Heart" Behind 20,000 Stores Even though it has firmly secured the top position in China's bulk snack market, BUSYMING has not stopped.
Data shows that in the first nine months of 2024 and 2025 respectively, over 1.6 billion and 2.1 billion consumer visits were recorded at BUSYMING stores, allowing the company to accumulate deep insights into consumer preferences, purchasing behaviors, and taste trend changes. As of September 30, 2025, approximately 34% of the company's product SKUs were customized for manufacturers. By cooperating on custom small packages and offering bulk-sold products, it lowers the barrier to trying new items. BUSYMING launches hundreds of new products on average every month, continuously bringing fresh and surprising product experiences to consumers and leading taste trends in the leisure food and beverage industry.
The strategic significance of this digital system lies in its ability to solve the "Achilles' heel" of large-scale management in retail—the problem of diminishing control as scale increases.
Behind the continuous innovation is BUSYMING's powerful operational efficiency. Through its self-developed retail intelligent middle platform, BUSYMING achieves intelligent remote store inspections and accurate identification of bulk weighed products, ensuring standardized store operations and providing data insights and customized solutions for franchisees.
BUSYMING's remote store inspection system uses video stream analysis to automatically check shelf inventory; its smart checkout system uses image recognition technology to automatically categorize weighed items and track inventory changes in real-time. Furthermore, the company uses WMS and TMS systems to digitize the entire warehousing and logistics process, electronically archiving documents, precisely managing inventory and orders, and optimizing transportation scheduling and receiving efficiency, significantly reducing operational costs and全面提升 (comprehensively enhancing) supply chain control.
Underpinned by its high quality-to-price ratio positioning, BUSYMING is grounded in the strategic base of expanding domestic demand. It actively responds to the call for deepening supply-side structural reform by exploring and innovating the bulk retail model, integrating the supply chain, optimizing channels, and striving to reduce circulation costs, thereby benefiting the public. It contributes corporate strength to activating mass consumption and smoothing economic circulation.
From "Made in China" to "China Brand"
Currently, as the revival of domestic goods permeates various industries, the food supply sector, though developing slower due to relatively weak talent and capability reserves, is experiencing a favorable period as consumers become more willing to pay for products with great taste and texture. Intergenerational consumption mentalities are changing. For the post-90s and post-00s generations, born into an era of extreme material abundance, there is no blind faith in foreign brands. They care more about: Is the product delicious? Does it offer a new experience?
As a representative domestic brand, BUSYMING becoming the first bulk snack stock on the Hong Kong market signifies that capital markets recognize not only its physical network of over 20,000 stores but also the advanced retail model and powerful growth logic it represents. BUSYMING's story proves that in an era of consumption stratification and digital transformation, the greatest commercial opportunities come from sincerely and efficiently responding to the real, subtle needs of the broadest base of ordinary consumers.
The bulk snack track still has vast space for growth. Frost & Sullivan reports indicate that from 2019 to 2024, the growth rate of下沉市场 (lower-tier markets) outpaced that of higher-tier markets, becoming one of the core engines for the growth of China's leisure food and beverage retail market. It is projected that between 2024 and 2029, the下沉市场 will maintain a compound annual growth rate (CAGR) of 6.8% in GMV, continuing to lead the expected CAGR of 4.1% for higher-tier markets.
However, a broad track also意味着 (means) intensified competition. Beyond traditional snack chain competitors, new formats like community group buying and instant retail are also penetrating the same market. The challenge facing BUSYMING is how to transform its existing scale advantage into sustained advantages in experience and efficiency. Referring to the development paths of some leading international convenience store chains, their competitive moats are ultimately built on fresh food development capabilities, the proportion of private label products, and the deep operation of membership ecosystems. This might be the strategic focus BUSYMING needs to solidify next.
Through its deep cultivation of the vast Chinese market and its long-term布局 (layout) aimed at boosting the rise of Chinese snack brands, BUSYMING's story is just turning a new chapter. More than just a sales channel for Chinese leisure food and beverages, BUSYMING is deeply rooted in China's expansive domestic demand market, building a platform for two-way empowerment. It helps quality domestic brands move from the production line to the spotlighted shelves, radiating the brilliance of domestic goods in the new era. On the other hand, BUSYMING closely echoes ever-upgrading consumer demands, ensuring that every genuine expectation is seen and responded to through precise insights and market connectivity.
In the future, BUSYMING will continue to be based on China's ultra-large-scale domestic demand market. Its goal—"wherever there are people in China, there will be BUSYMING"—means it is still in a phase of开拓 (pioneering) incremental space. Its ambition to助力 (help) the leap from "Made in China" to "China Brand" tightly links its growth narrative to the broader context of national industrial upgrading. BUSYMING's journey is not just the commercial success of one company; it is a vivid sample for observing the transformation of China's consumer market, the evolution of retail formats, and the upgrading of the industrial chain.
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