Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<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

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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>We visited a “Busy for You” store near a university in Shanghai.</li>
<li>We believe Busy Ming can attract young customers because of low prices and small packages.</li>
<li>However, we also believe the company does employ enough shop assistants.</li>
</ul>


We visited a “Busy for You” store near a university in Shanghai.
We believe Busy Ming can attract young customers because of low prices and small packages.
However, we also believe the company does employ enough shop assistants.


Busy Ming (鸣鸣很忙) Pre-IPO: A Visit to Store – See Young Customers and Busy Clerk

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>BUSY MING operates under the franchise model, under which franchisees and BUSY MING form collaboration and a virtuous cycle, benefiting from the ecological logic of high turnover.</li>
<li>However, the potential risk is increasing homogeneous competition. Price wars and competitors' rapid expansion would further squeeze the profit margin of BUSY MING and lead to market oversaturation.</li>
<li>The current high growth may not sustain.BUSY MING clearly hopes to successfully IPO during the current peak period of performance, but investors may face a decline in performance after IPO.</li>
</ul>


BUSY MING operates under the franchise model, under which franchisees and BUSY MING form collaboration and a virtuous cycle, benefiting from the ecological logic of high turnover.
However, the potential risk is increasing homogeneous competition. Price wars and competitors' rapid expansion would further squeeze the profit margin of BUSY MING and lead to market oversaturation.
The current high growth may not sustain.BUSY MING clearly hopes to successfully IPO during the current peak period of performance, but investors may face a decline in performance after IPO.


Pre-IPO Busy Ming Group - Concerns Behind the High Growth

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<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 at least US$300m 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 past performance.</li>
</ul>



Busy Ming Group (BMG HK)  is looking to raise at least US$300m 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 past performance.


Busy Ming Pre-IPO: Scaled up but Fragmented Market

Troy Wong

<ul>
<li>Busy Ming Group Co., Ltd. (BMG) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, Huatai, and DB.</li>
<li>BMG is a leading F&amp;B retailer in China, offering value-for-money products which are priced c.25% lower than the average for similar products available in the supermarket channel.</li>
<li>It mainly operates under a franchised model and focuses mostly on third-tier cities and below.</li>
</ul>


Busy Ming Group Co., Ltd. (BMG) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, Huatai, and DB.
BMG is a leading F&amp;B retailer in China, offering value-for-money products which are priced c.25% lower than the average for similar products available in the supermarket channel.
It mainly operates under a franchised model and focuses mostly on third-tier cities and below.


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Busy Ming Group (BMG HK)

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 (鸣鸣很忙) Pre-IPO: A Visit to Store – See Young Customers and Busy Clerk

We visited a “Busy for You” store in Shanghai. We believe Busy Ming can attract young customers. However, we also believe the company does not...

Ming Lu

Pre-IPO Busy Ming Group - Concerns Behind the High Growth

Franchise model benefits BUSY MING with high turnover, but faces risk of homogeneous competition/market oversaturation.Investors may face...

Xinyao (Criss) Wang

Busy Ming Pre-IPO: Scaled up but Fragmented Market

Busyming is looking to raise at least US$300m in its upcoming Hong Kong IPO. It is a rapidly growing food and beverage retailer in China. In this...

Nicholas Tan

Busy Ming Group Pre-IPO Tearsheet

Busy Ming Group Co., Ltd. plans to raise over US$100m in its Hong Kong IPO. The F&B retailer in China offers affordable products priced 25% lower...

Troy Wong

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 (鸣鸣很忙) Pre-IPO: A Visit to Store – See Young Customers and Busy Clerk

We visited a “Busy for You” store in Shanghai. We believe Busy Ming can attract young customers. However, we also believe the company does not...

Ming Lu

Pre-IPO Busy Ming Group - Concerns Behind the High Growth

​Franchise model benefits BUSY MING with high turnover, but faces risk of homogeneous competition/market oversaturation.Investors may face...

Xinyao (Criss) Wang

Busy Ming Pre-IPO: Scaled up but Fragmented Market

Busyming is looking to raise at least US$300m in its upcoming Hong Kong IPO. It is a rapidly growing food and beverage retailer in China. In this...

Nicholas Tan

Busy Ming Group Pre-IPO Tearsheet

​Busy Ming Group Co., Ltd. plans to raise over US$100m in its Hong Kong IPO. The F&B retailer in China offers affordable products priced 25% lower...

Troy Wong

Franchise model benefits BUSY MING with high turnover, but faces risk of homogeneous competition/market oversaturation.Investors may face...

Busy Ming Group Co., Ltd. plans to raise over US$100m in its Hong Kong IPO. The F&B retailer in China offers affordable products priced 25% lower...