On January 28, BUSYMING rang the bell for its listing on the Hong Kong Stock Exchange, marking a defining moment for this snack chain giant that originated from the streets of Changsha. After opening, BUSYMING's market capitalization exceeded HKD 90 billion, making it one of the largest consumer company IPOs in the capital markets over the past year.
From left to right: BUSYMING CFO Wang Yutong, Sequoia China Partner Su Kai, and BUSYMING Founder and Chairman Yan Zhou. BUSYMING operates two major brands, "Snack Busy" and "Zhao Yiming Snacks," and is a leader in the food and beverage discount retail model in China. In the first nine months of 2025, BUSYMING achieved a gross merchandise value (GMV) of RMB 66.1 billion. The group's stores now cover 28 provinces and cities of all tiers across the country, with 59% located deep within counties and townships. As of November 30, 2025, BUSYMING had reached a total of 21,041 stores, with a significant number situated in counties, towns, and communities, bringing high-quality, affordable, and diverse food options directly into the daily lives of ordinary families. "Small snacks" are increasingly becoming an important vehicle serving the "major livelihood" of millions of households.
From leading the Series A funding round in 2021 when the company had only 400 stores, to giving a "swift agreement" during the industry's largest merger in 2023, and now reaping the rewards of today's IPO, Sequoia China has witnessed and supported BUSYMING's leap from a regional brand to the industry leader over these five years.
"For so many years, Sequoia hasn't felt like an investor, but more like a long-term external partner. Their decisions at critical junctures have always been resolutely on the company's side—no calculations, no trade-offs, just belief," commented Yan Zhou, Founder, Chairman, and CEO of BUSYMING Group, on this relationship.
In the view of Su Kai, Partner at Sequoia China, "BUSYMING understood the most fundamental consumer desires of Chinese families from the vibrant life of local communities—it's not just about low prices, but about 'value for money'; the pursuit is not merely discounts, but the small daily joys that bring a sense of ease. Yan Zhou, with his unique 'retail aesthetic,' has transformed snack shops into vessels of emotion, finding a certain balance between efficiency and warmth."
This story, from "community vibrancy" to the IPO bell ringing, and this trust that involved "no calculations, no trade-offs," began with a meeting in Changsha in 2020.
First Encounter in Changsha: Discovering a "Retail Aesthetic" in the "Community Vibe" In October 2020, while conducting market research in the new consumption sector, Sequoia China came across a local Changsha chain brand named "Snack Busy"—its stores presented a bright and fresh image, its product portfolio strategy was impressive, and it enjoyed an excellent reputation among local consumers.
"My first meeting with Yan Zhou was at a hotel in Changsha; my initial impression was that this founder exuded a sense of 'crisp efficiency,'" recalled Su Kai. During that conversation, Yan Zhou shared many observations about changing consumer demands—why snacks are becoming habitual purchases? Why is there a greater market opportunity for bulk snacks? These precise and nuanced insights were later validated one by one.
But what truly impressed Su Kai was Yan Zhou's unique "retail aesthetic." "From the initial interactions with Yan Zhou, the feeling was that he is a retail founder with deep consumer insights and a strong 'aesthetic sense.' This 'aesthetic' aspect is very important for consumer startups, and I believe it is a key trait that enables him to lead industry innovation." Here, "aesthetic" does not refer narrowly to artistic appreciation, but rather to the depth of industry insight, forward-thinking regarding business model innovation, and the ability to create a new business model and a sense of life's beauty for consumers. Every Snack Busy store can consistently engage consumers' emotions through its decor, operations, and product selection, making the experience of browsing a snack store genuinely enjoyable.
In April 2021, Sequoia China co-led the Series A funding round for Snack Busy, spearheaded by Partners Su Kai and Guo Shanshan. At that time, the company had only about 400 stores. In Sequoia's assessment, the rapid development of China's food industry over the previous decade had led to an extremely abundant supply capacity, but the snack industry faced challenges during scaling, such as complex SKU management, declining efficiency, and fragmented consumer experiences. Snack Busy's approach of establishing a price perception through standardized discounted products, while creating differentiation and emotional value through non-standardized products, effectively addressed the most fundamental consumption demands of Chinese families.
BUSYMING more effectively channels the supply capacity of China's food industry to consumers, creating strong emotional value through diverse choices, visually appealing presentations, and a "sense of obtaining high cost-effectiveness." This is a business grown from the "vibrant life of local communities," and Sequoia recognized its systemic value.
Critical Moment: A Vote of Trust with "No Calculations, No Trade-offs" In 2023, Snack Busy and Zhao Yiming Snacks decided to merge, a historic moment for the discount snack retail industry. The merger involved numerous critical aspects like organizational integration and strategic restructuring, requiring immense courage and vision, and posed a significant test for both the companies and their shareholders. As a major institutional shareholder, Sequoia China's stance was crucial.
Surprisingly, Sequoia China agreed "very quickly."
BUSYMING Vice Chairman Zhao Ding and Sequoia China Partner Su Kai. There was no prolonged due diligence, no complex negotiations, no repeated deliberations. Sequoia China swiftly approved the merger plan, casting a crucial vote of trust that significantly facilitated the smooth consolidation of the two companies. "When it comes to major decisions, stand on the company's side." This is a core principle of Sequoia's post-investment philosophy, and at this critical juncture, they demonstrated the weight of this principle through action.
In fact, over the five years of accompaniment, Sequoia's understanding of Yan Zhou had continually deepened. "Over these five years, beyond the discount snack format fitting market demand, Yan Zhou and his team have also demonstrated strong strategic vision and resilience," Su Kai said. In the early stages of development, the company exercised extreme restraint in profit distribution, passing more benefits to franchisees—choices that determined its ability to maintain long-term market leadership. "Furthermore, he has consistently upheld a sense of responsibility and empathy towards the trust placed in him by franchisees."
Deep Partnership: From "Helping Without Interfering" to Capability Leap Sequoia China's "long-term accompaniment" is reflected not only in key votes of trust but also in sustained and deep strategic enablement over five years. "Sequoia has a major principle in post-investment management: 'help, but don't cause trouble,' and on major decisions, we often stand with the company," summarized Su Kai.
Regarding digital transformation, as store numbers grew rapidly, traditional retail methods reliant on manual experience encountered bottlenecks. Sequoia organized dedicated digital transformation workshops, introducing expert resources in technology and AI, and worked with the company to dissect problems based on real business scenarios. To address challenges like the inability to individually scan non-standard small snacks and resulting checkout inefficiencies, Sequoia helped explore technical solutions such as using video stream recognition for "a batch of goods" to enable faster checkout. Simultaneously, focusing on membership system development, Sequoia assisted the company by benchmarking against practices of other retailers to discuss strategies for more effectively driving repeat purchases and business growth.
In merchandise planning, as the company expanded from hundreds to tens of thousands of stores, it faced the need for different product assortments tailored to diverse customer bases across various regions. This marked a crucial transition from "procurement and distribution" to "merchandise planning." Sequoia engaged in systematic discussions with the company's management, connecting industry experts to provide advice covering specific issues like assortment design, new product introduction cadence, gross margin mix, and differentiated configurations for different store types. By the second half of 2025, the merchandise department had truly evolved into a "Merchandise Center," becoming a vital hub supporting large-scale operations.
"The discount snack retail industry is entering a phase that tests foundational capabilities more rigorously. Only companies that continuously evolve their core competencies can navigate the longer term steadily and sustainably," assessed Su Kai. "The choices BUSYMING has made at multiple critical junctures also reflect its capacity for self-iteration in this direction."
As the IPO bell rang at the Hong Kong Stock Exchange, Yan Zhou reflected on the journey: "This trust began during the early days with 400 stores, was demonstrated through firm support during the merger, and continues today with careful assistance in strategy and governance. We are grateful for Sequoia's support and companionship along the way." But he had more to say: "Looking ahead, while we hope to continue our journey together, we also hope Sequoia can support other enterprises just as they supported us. There are many outstanding companies in society that need such resolute and unwavering support, and we hope to join Sequoia in giving back to the society and the era that provided us with these opportunities."
Su Kai's response to this was: "BUSYMING's IPO today marks an even grander starting point. If it always remembers the original aspiration from that bright store—'to provide snacks for the nation'—this simple yet steadfast commitment will ultimately become the most irreplaceable foundation for enduring through cycles."
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