US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<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> goes public on 28 January on the Hong Kong Stock Exchange seeking to raise more than $400m at a valuation of $6.5bn</li>
<li>IPO free float is below 5% due to locked cornerstone investors such as <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/temasek-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:28816:1" rel="noopener">Temasek (TMSK SP)</a> and <a href="https://www.smartkarma.com/entities/blackrock-inc" target="_blank" data-smartkarma-citation="entities:6249:1" rel="noopener">BlackRock (BLK US)</a>.</li>
<li>Earliest inclusion in Global indices is expected in March 2027 following the lock-up expiry of cornerstone and other shareholders.</li>
</ul>



Busy Ming Group (1768 HK) goes public on 28 January on the Hong Kong Stock Exchange seeking to raise more than $400m at a valuation of $6.5bn
IPO free float is below 5% due to locked cornerstone investors such as Tencent (700 HK), Temasek (TMSK SP) and BlackRock (BLK US).
Earliest inclusion in Global indices is expected in March 2027 following the lock-up expiry of cornerstone and other shareholders.


Busy Ming (1768 HK): Low IPO Float Delays Global Index Inclusion

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Busy Ming Group (1768 HK) is getting ready to complete its IPO in Hong Kong next week. The IPO price range is between HK$229.60 and HK$236.60.</li>
<li>At the top of the range, it would bring in about HK$3.3 billion (US$420 million) and value the company at about HK$50.7 billion (US$6.5 billion).</li>
<li>The company experienced explosive growth in the past four years, driven mainly by rapid store expansion and the Super Ming acquisition.</li>
</ul>


Busy Ming Group (1768 HK) is getting ready to complete its IPO in Hong Kong next week. The IPO price range is between HK$229.60 and HK$236.60.
At the top of the range, it would bring in about HK$3.3 billion (US$420 million) and value the company at about HK$50.7 billion (US$6.5 billion).
The company experienced explosive growth in the past four years, driven mainly by rapid store expansion and the Super Ming acquisition.


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Busy Ming (1768 HK) launched its Hongkong IPO aiming to raise up to HK$ 3.3B. The company plans to sell 14.1M shares at HK$229.6-$236.6 per share.</li>
<li>Busy Ming Group is an established and growing food and beverage retailer in China. The company owns two popular brands, “Busy for You” and “Super Ming”.</li>
<li>The growth outlook more than justifies the valuation. We would recommend the investors to subscribe to the issue and cash in on the secular growth story the company is offering.</li>
</ul>


Busy Ming (1768 HK) launched its Hongkong IPO aiming to raise up to HK$ 3.3B. The company plans to sell 14.1M shares at HK$229.6-$236.6 per share.
Busy Ming Group is an established and growing food and beverage retailer in China. The company owns two popular brands, “Busy for You” and “Super Ming”.
The growth outlook more than justifies the valuation. We would recommend the investors to subscribe to the issue and cash in on the secular growth story the company is offering.


Busy Ming (1768 HK) IPO: Uplifted Margins, Strong Volumes, Market Reach Make It A Compelling BUY

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The revenue growth being higher than the GMV growth in 25Q1-Q3 indicates that BUSY MING’s control over channels and supply chains as well as its bargaining power are strengthening.</li>
<li>BUSY MING’s business model has a low tolerance for errors. Upstream cost increase, downstream price wars, or decline in operational efficiency would break through the already thin profit barrier.</li>
<li>BUSY MING’s valuation should be lower than Pop Mart, but may be slightly higher or on par with MINISO, and in the same range as Wanchen. 20-30x P/E is acceptable.</li>
</ul>


The revenue growth being higher than the GMV growth in 25Q1-Q3 indicates that BUSY MING’s control over channels and supply chains as well as its bargaining power are strengthening.
BUSY MING’s business model has a low tolerance for errors. Upstream cost increase, downstream price wars, or decline in operational efficiency would break through the already thin profit barrier.
BUSY MING’s valuation should be lower than Pop Mart, but may be slightly higher or on par with MINISO, and in the same range as Wanchen. 20-30x P/E is acceptable.


Pre-IPO Busy Ming Group (PHIP Updates) - Some Points Worth the Attention

HK/China Equity Long-Short

Osbert Tang, CFA

<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>'s 3-year EPS CAGR of 43.1% places it ahead of most peers in F&amp;B retailing, including the tea beverage sector. </li>
<li>Operating on a franchise model, its 13x FY26F and 10.2x FY27F PERs are not expensive, as peers ex-<a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a> are averaging at 15x and 12.4x. </li>
<li>It is difficult to trade at <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue (2097 HK)</a>'s and <a href="https://www.smartkarma.com/entities/guming-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming (1364 HK)</a>'s ~20x, due to lower margins. Our fair value is 16.5x PER, equalling HK$300.</li>
</ul>



Busy Ming Group (1768 HK)'s 3-year EPS CAGR of 43.1% places it ahead of most peers in F&amp;B retailing, including the tea beverage sector. 
Operating on a franchise model, its 13x FY26F and 10.2x FY27F PERs are not expensive, as peers ex-Sun Art Retail (6808 HK) are averaging at 15x and 12.4x. 
It is difficult to trade at Mixue (2097 HK)'s and Guming (1364 HK)'s ~20x, due to lower margins. Our fair value is 16.5x PER, equalling HK$300.


Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

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): Low IPO Float Delays Global Index Inclusion

Busy Ming IPO on 28 Jan on SEHK at a $6.5bn valuation, with locked cornerstone investors such as Tencent and BlackRock keeping free float below 5%...

Dimitris Ioannidis

Busy Ming Hong Kong IPO Preview

Busy Ming Group (1768 HK) is getting ready to complete its IPO in Hong Kong next week. The IPO price range is between HK$229.60 and HK$236.60.

Douglas Kim

Busy Ming (1768 HK) IPO: Uplifted Margins, Strong Volumes, Market Reach Make It A Compelling BUY

Busy Ming (1768 HK) launched Hong Kong IPO to raise up to HK$3.3B. Established F&B retailer in China with strong growth potential, recommended for...

Tina Banerjee

Pre-IPO Busy Ming Group (PHIP Updates) - Some Points Worth the Attention

BUSY MING's IPO pricing is HK$229.6-236.6/share, with market value of HK$49.16-50.7bn. If based on our 2025, 2026, 2027 profit forecast, P/E would...

Xinyao (Criss) Wang

Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Busy Ming (1768 HK): Low IPO Float Delays Global Index Inclusion

Busy Ming IPO on 28 Jan on SEHK at a $6.5bn valuation, with locked cornerstone investors such as Tencent and BlackRock keeping free float below 5%...

Dimitris Ioannidis

Busy Ming Hong Kong IPO Preview

Busy Ming Group (1768 HK) is getting ready to complete its IPO in Hong Kong next week. The IPO price range is between HK$229.60 and HK$236.60.

Douglas Kim

Busy Ming (1768 HK) IPO: Uplifted Margins, Strong Volumes, Market Reach Make It A Compelling BUY

​Busy Ming (1768 HK) launched Hong Kong IPO to raise up to HK$3.3B. Established F&B retailer in China with strong growth potential, recommended for...

Tina Banerjee

Pre-IPO Busy Ming Group (PHIP Updates) - Some Points Worth the Attention

BUSY MING's IPO pricing is HK$229.6-236.6/share, with market value of HK$49.16-50.7bn. If based on our 2025, 2026, 2027 profit forecast, P/E would...

Xinyao (Criss) Wang

Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

​Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...

Osbert Tang, CFA

Busy Ming (1768 HK) launched Hong Kong IPO to raise up to HK$3.3B. Established F&B retailer in China with strong growth potential, recommended for...

Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...