Primer: Three Squirrels (TRS HK) - Aug 2026
Dominant Online Presence with Offline Expansion Underway: Three Squirrels is a leading snack brand in China, built on a 'digital-first'...
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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....
372 Views
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...
669 Views
Three Squirrels A/H Listing: Heavy Price Competition; Thin Margins
Three Squirrels is looking to raise around US$200m in its upcoming H-share listing. In this note, we look at its past performance and other deal...
410 Views
Pre-IPO Three Squirrels - Pain Points of the Business Model and the Performance Outlook
Three Squirrels face challenges as e-commerce traffic declines, struggling to adapt offline.Concerns about growth sustainability remains.Valuation...
527 Views