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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/busy-ming-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming (1768 HK)</a> raised US$430m in its January 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 236.6/share.</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 will talk about the lockup dynamics and possible placement.</li>
</ul>



Busy Ming (1768 HK) raised US$430m in its January 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 236.6/share.
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 will talk about the lockup dynamics and possible placement.


Aequitas: Busy Ming IPO Lockup - Shares Are up Significantly Since IPO; Profit Taking Potentially

<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> raised around US$430m in its HK 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>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Busy Ming Group (1768 HK) raised around US$430m in its HK 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.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Busy Ming IPO Trading: Strong Insti and Retail Demand

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The IPO pricing of BUSY MING is attractive. P/E of 20-30x is an acceptable valuation range in the short term. The IPO pricing leaves certain upside potential for stock price.</li>
<li>The profit situation of the franchisees is not optimistic. The rate of store closures is increasing. This makes us start to worry about the sustainability of BUSY MING's franchise model.</li>
<li>The current high growth may not be sustainable.BUSY MING clearly hopes to successfully IPO during the current peak period of performance, but investors may face performance decline in the future.</li>
</ul>


The IPO pricing of BUSY MING is attractive. P/E of 20-30x is an acceptable valuation range in the short term. The IPO pricing leaves certain upside potential for stock price.
The profit situation of the franchisees is not optimistic. The rate of store closures is increasing. This makes us start to worry about the sustainability of BUSY MING's franchise model.
The current high growth may not be sustainable.BUSY MING clearly hopes to successfully IPO during the current peak period of performance, but investors may face performance decline in the future.


Busy Ming Group (1768 HK) IPO - Thoughts on Valuation and the Outlook

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<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 looking to raise up to HK$4.22bn (US$541m) in its IPO, valuing the company at HK$50.7bn (US$6.5bn).</li>
<li>The large allocation to cornerstone investors reduces free-float market cap and could delay inclusion in global indices. Inclusion in one global index could take place in September at the earliest.</li>
<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> should be added to the HSCI in June and subsequently added to Southbound Stock Connect.</li>
</ul>



Busy Ming Group (1768 HK) is looking to raise up to HK$4.22bn (US$541m) in its IPO, valuing the company at HK$50.7bn (US$6.5bn).
The large allocation to cornerstone investors reduces free-float market cap and could delay inclusion in global indices. Inclusion in one global index could take place in September at the earliest.

Busy Ming Group (1768 HK) should be added to the HSCI in June and subsequently added to Southbound Stock Connect.


Busy Ming (1768 HK): Not so Busy on the Index Inclusions

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Busy Ming is implied market cap of HKD84.6 billion (USD10.8 billion) which is 66% higher than the high end of the IPO valuation range. </li>
<li>We estimate Busy Ming to generate revenue of RMB67.7 billion (up 72.2% YoY) in 2025, RMB84.9 billion (up 25.3% YoY) in 2026, and RMB99.9 billion (up 17.7% YoY) in 2027.</li>
<li>Given the strong upside, we have a positive view of this IPO. Our base case valuation is based on P/E of 14.9x our estimated net profit of RMB5.1 billion (2027E).</li>
</ul>


Our base case valuation of Busy Ming is implied market cap of HKD84.6 billion (USD10.8 billion) which is 66% higher than the high end of the IPO valuation range. 
We estimate Busy Ming to generate revenue of RMB67.7 billion (up 72.2% YoY) in 2025, RMB84.9 billion (up 25.3% YoY) in 2026, and RMB99.9 billion (up 17.7% YoY) in 2027.
Given the strong upside, we have a positive view of this IPO. Our base case valuation is based on P/E of 14.9x our estimated net profit of RMB5.1 billion (2027E).


Busy Ming Hong Kong IPO Valuation Analysis

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)

Aequitas: Busy Ming IPO Lockup - Shares Are up Significantly Since IPO; Profit Taking Potentially

Busy Ming raised US$430m in its January 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 236.6/share. In this note, we will...

Nicholas Tan

Busy Ming IPO Trading: Strong Insti and Retail Demand

Busy Ming raised around US$430m in its HK IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk about...

Nicholas Tan

Busy Ming Group (1768 HK) IPO - Thoughts on Valuation and the Outlook

BUSY MING's attractive IPO pricing leaves upside potential, but concerns arise over franchisee profits and sustainability of growth model....

Xinyao (Criss) Wang

Busy Ming (1768 HK): Not so Busy on the Index Inclusions

Busy Ming is looking to raise up to US$541m in its IPO, valuing the company at US$6.5bn. A large cornerstone allocation reduces float and global...

Brian Freitas

Busy Ming Hong Kong IPO Valuation Analysis

Our base case valuation of Busy Ming is implied market cap of HKD84.6 billion (USD10.8 billion) which is 66% higher than the high end of the IPO...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Busy Ming IPO Lockup - Shares Are up Significantly Since IPO; Profit Taking Potentially

Busy Ming raised US$430m in its January 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 236.6/share. In this note, we will...

Nicholas Tan

Busy Ming IPO Trading: Strong Insti and Retail Demand

Busy Ming raised around US$430m in its HK IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk about...

Nicholas Tan

Busy Ming Group (1768 HK) IPO - Thoughts on Valuation and the Outlook

​BUSY MING's attractive IPO pricing leaves upside potential, but concerns arise over franchisee profits and sustainability of growth model....

Xinyao (Criss) Wang

Busy Ming (1768 HK): Not so Busy on the Index Inclusions

Busy Ming is looking to raise up to US$541m in its IPO, valuing the company at US$6.5bn. A large cornerstone allocation reduces float and global...

Brian Freitas

Busy Ming Hong Kong IPO Valuation Analysis

Our base case valuation of Busy Ming is implied market cap of HKD84.6 billion (USD10.8 billion) which is 66% higher than the high end of the IPO...

Douglas Kim

BUSY MING's attractive IPO pricing leaves upside potential, but concerns arise over franchisee profits and sustainability of growth model....