IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Busyming |
|---|---|
| Stock Code | 01768 |
| Company Full Name | Busy Ming Group Co., Ltd. |
| Industry | Consumer Discretionary |
| Principal Activities | We are a mature and steadily growing food and beverage retailer in China, primarily operating through a franchise model, authorizing franchisees to sell casual food and beverages under the “零食很忙” and “趙一鳴零食” brands, offering products with a wide range of categories, high quality-to-price ratio, and frequent new product introductions. |
| Listing Date | 2026-01-28 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國湖南省 長沙市雨花區 長沙大道567號運達中央廣場 二期商務綜合樓33001-33006 |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號 時代廣場 2座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.busyming.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 236.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 23,660 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-01-20 to 2026-01-23 |
| Global Offering Shares | 15,511,200 shares |
| HK Public Offer Shares (Initial) | 1,410,200 shares (10.0%) |
| Public Offer Lots (Initial) | 14,102lots (Pool A7,051lots，Pool B7,051lots) |
| International Placing Shares (Initial) | 12,690,900 shares (90.0%) |
| Offer Ratio | ~7.24% |
| Total Shares Post-IPO | 214,101,100 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | GOLDMAN SACHS (ASIA) L.L.C. CE ACC536 |
| Cornerstone Share | 41.4% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 3,669,949,920 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 23,660 |
| 2 lots | 200 | HK$ 47,320 |
| 3 lots | 300 | HK$ 70,980 |
| 4 lots | 400 | HK$ 94,640 |
| 5 lots | 500 | HK$ 118,300 |
| 6 lots | 600 | HK$ 141,960 |
| 7 lots | 700 | HK$ 165,620 |
| 8 lots | 800 | HK$ 189,280 |
| 9 lots | 900 | HK$ 212,940 |
| 10 lots | 1,000 | HK$ 236,600 |
| 15 lots | 1,500 | HK$ 354,900 |
| 20 lots | 2,000 | HK$ 473,200 |
| 25 lots | 2,500 | HK$ 591,500 |
| 30 lots | 3,000 | HK$ 709,800 |
| 35 lots | 3,500 | HK$ 828,100 |
| 40 lots | 4,000 | HK$ 946,400 |
| 45 lots | 4,500 | HK$ 1,064,700 |
| 50 lots | 5,000 | HK$ 1,183,000 |
| 60 lots | 6,000 | HK$ 1,419,600 |
| 70 lots | 7,000 | HK$ 1,656,200 |
| 80 lots | 8,000 | HK$ 1,892,800 |
| 90 lots | 9,000 | HK$ 2,129,400 |
| 100 lots | 10,000 | HK$ 2,366,000 |
| 200 lots | 20,000 | HK$ 4,732,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 300 lots | 30,000 | HK$ 7,098,000 |
| 400 lots | 40,000 | HK$ 9,464,000 |
| 500 lots | 50,000 | HK$ 11,830,000 |
| 1,000 lots | 100,000 | HK$ 23,660,000 |
| 1,500 lots | 150,000 | HK$ 35,490,000 |
| 2,000 lots | 200,000 | HK$ 47,320,000 |
| 2,500 lots | 250,000 | HK$ 59,150,000 |
| 3,000 lots | 300,000 | HK$ 70,980,000 |
| 3,500 lots | 350,000 | HK$ 82,810,000 |
| 4,000 lots | 400,000 | HK$ 94,640,000 |
| 4,500 lots | 450,000 | HK$ 106,470,000 |
| 5,000 lots | 500,000 | HK$ 118,300,000 |
| 5,500 lots | 550,000 | HK$ 130,130,000 |
| 6,000 lots | 600,000 | HK$ 141,960,000 |
| 6,500 lots | 650,000 | HK$ 153,790,000 |
| 7,051 lots | 705,100 | HK$ 166,826,660 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 76.7B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 50,656,320,260 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 50,535,571,686 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 829.2 million |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 400.0 |
|---|---|
| First Day Open | HK$ 445.0 |
| First Day Change | 69.06% |
| First Day Volume | 7881400.0 |
| First Day Turnover | 3312070000.0 |
| Use of Proceeds | 1、約25.0%（約781百萬港元）將用于提升供應鏈能力及提高產品開發能力；
2、約20.0%（約625百萬港元）將用于門店網絡升級以及加盟商的持續賦能；
3、約20.0%（約625百萬港元）將用于品牌建設及推廣活動；
4、約20.0%（約625百萬港元）將用于提升科技能力和數字化水平；
5、約5.0%（約156百萬港元）將用于有選擇性地尋求與業務互補的戰略投資和收購機會；
6、約10.0%（約312百萬港元）將用于營運資金及其他一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (3)
Joint Bookrunners (6)
Joint Lead Managers (6)
Stabilizing Manager (1)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | BlackRock Funds | 272,799,800 HKD | — | 7.43% | — | 6 months | 2026-07-28 |
| 2 | Fidelity International | 233,808,120 HKD | — | 6.37% | — | 6 months | 2026-07-28 |
| 3 | Huang River Investment Limited | 350,735,840 HKD | — | 9.56% | — | 6 months | 2026-07-28 |
| 4 | Springs Capital (Hong Kong) Limited | 77,936,040 HKD | — | 2.12% | — | 6 months | 2026-07-28 |
| 5 | Taibai Investments Pte. Ltd. | 350,735,840 HKD | — | 9.56% | — | 6 months | 2026-07-28 |
| 6 | 博时基金(国际)有限公司 | 77,936,040 HKD | — | 2.12% | — | 6 months | 2026-07-28 |
| 7 | 泰康人寿保险有限责任公司 | 77,936,040 HKD | — | 2.12% | — | 6 months | 2026-07-28 |
| 8 | 易方达基金管理有限公司 | 77,936,040 HKD | — | 2.12% | — | 6 months | 2026-07-28 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 晏周 | — |
| Company Secretary | 陳超 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | As of the last Practicable Date, Mr. Yan and Mr. Zhao jointly controlled approximately 61.83% of the voting rights. Immediately after the completion of the Global Offering (assuming that the size adjustment option and the over-allotment option are not exercised), Mr. Yan, Mr. Zhao and the relevant shareholding platforms will be entitled to control approximately 57.76% of the voting rights. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
市场对「鸣鸣很忙」的认购热情极为高涨，超额倍数高达1899.49倍，有效申请逾22.9万份，但最终中签率仅6.15%，反映一票难求。发售价定在236.6港元，尽管未披露定价区间，但超强需求表明定价具备吸引力。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾（申购20,000手）期望中签仅0.04手，而乙头（申购30,000手）却达0.26手，乙头的绝对中签量显著高于甲尾，资金效率也更优，暗示乙组竞争远较甲组缓和。这一分布与常见甲尾略优的模式不同，或与机构资金偏好乙组有关。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Demographics
本次披露的人口统计数据显示中国内地与香港参与比例均为0%，可能因相关数据未充分提供或样本量过小，无法从中洞察地域或人群特征。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
