IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/busy-ming-group-co-ltd" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming Group (1768 HK)</a> is a food and beverage retailer in China. It has launched an HKEx IPO to raise up to US$428 million.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/busy-ming-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:217547" rel="noopener">Busy Ming IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Busy Ming Group (1768 HK) is a food and beverage retailer in China. It has launched an HKEx IPO to raise up to US$428 million.
I previously discussed the IPO in Busy Ming IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.


Busy Ming (1768 HK) IPO: Valuation Insights

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/busy-ming-group" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming Group (BMG HK)</a> is looking to raise up to US$430m in its upcoming Hong Kong IPO.</li>
<li>It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Busy Ming Group (BMG HK) is looking to raise up to US$430m in its upcoming Hong Kong IPO.
It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Busy Ming Pre-IPO- Priced at a Discount to Peers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/busy-ming-group" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming Group (BMG HK)</a>, a food and beverage retailer in China, is seeking to raise US$400 to US$500 million. </li>
<li>Busy Ming’s business model of super-low prices positions it as the <a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD Holdings (PDD US)</a> and <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> of cheap snack foods in China.</li>
<li>The investment case rests on expanding the store network, rapid GMV/revenue growth, improving margins and a strong balance sheet. </li>
</ul>



Busy Ming Group (BMG HK), a food and beverage retailer in China, is seeking to raise US$400 to US$500 million. 
Busy Ming’s business model of super-low prices positions it as the PDD Holdings (PDD US) and Mixue Group (2097 HK) of cheap snack foods in China.
The investment case rests on expanding the store network, rapid GMV/revenue growth, improving margins and a strong balance sheet. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/busy-ming-group" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming Group (BMG HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.</li>
<li>In this note, we look at the firm's PHIP updates.</li>
</ul>



Busy Ming Group (BMG HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.
In this note, we look at the firm's PHIP updates.


Aequitas: Busy Ming Pre-IPO: PHIP Update- Successful Integration and Profitability Inflection

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.</li>
<li>In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.</li>
<li>Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.  </li>
</ul>


Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.
In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.
Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.  


Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon

China

Busy Ming is a Chinese snack and beverage retailer that operates a vast network of stores across China. The company offers a wide range of snacks and beverages, including bakery, confectionery, biscuits, nuts, puffed snacks, instant meals, chocolates, and preserves. It operates under the "Busy for You" and "Super Ming" brands through self-operated and franchised stores, focusing on a value retail model. The company was founded in 2016 and is headquartered in Changsha, China.

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Busy Ming (1768 HK)

Busy Ming (1768 HK) IPO: Valuation Insights

Busy Ming has launched an HKEx IPO to raise up to US$428 million. In this note, I present my forecasts and valuation. My analysis suggests that the...

Arun George

Aequitas: Busy Ming Pre-IPO- Priced at a Discount to Peers

Busy Ming plans to raise $430m in its Hong Kong IPO. It is a rapidly growing food and beverage retailer in China with stores in prime locations....

Nicholas Tan

Busy Ming IPO: The Investment Case

Busy Ming, a food and beverage retailer in China, is seeking to raise US$400 to US$500 million. In this note, I discuss the investment case.

Arun George

Aequitas: Busy Ming Pre-IPO: PHIP Update- Successful Integration and Profitability Inflection

Busy Ming is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we look at the firm's PHIP updates.

Nicholas Tan

Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon

Busy Ming Group is expected to IPO in Hong Kong soon. In my insight, I discuss in-depth analysis of business and operating metrics, IPO valuation...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Busy Ming (1768 HK) IPO: Valuation Insights

Busy Ming has launched an HKEx IPO to raise up to US$428 million. In this note, I present my forecasts and valuation. My analysis suggests that the...

Arun George

Aequitas: Busy Ming Pre-IPO- Priced at a Discount to Peers

​Busy Ming plans to raise $430m in its Hong Kong IPO. It is a rapidly growing food and beverage retailer in China with stores in prime locations....

Nicholas Tan

Busy Ming IPO: The Investment Case

Busy Ming, a food and beverage retailer in China, is seeking to raise US$400 to US$500 million. In this note, I discuss the investment case.

Arun George

Aequitas: Busy Ming Pre-IPO: PHIP Update- Successful Integration and Profitability Inflection

Busy Ming is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we look at the firm's PHIP updates.

Nicholas Tan

Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon

Busy Ming Group is expected to IPO in Hong Kong soon. In my insight, I discuss in-depth analysis of business and operating metrics, IPO valuation...

Andrei Zakharov

Busy Ming plans to raise $430m in its Hong Kong IPO. It is a rapidly growing food and beverage retailer in China with stores in prime locations....