On September 2, BUSYMING fell 3.28% in regular trading, trading at 406.2 HKD per share, with turnover of approximately 30.60 million HKD, extending its recent pullback trend.

On the news front, the company announced on August 28 its plan to implement H-share full circulation, converting approximately 1.5361 million domestic shares into H-shares for trading on the Hong Kong Stock Exchange. This has triggered ongoing market concerns over expanded free float supply. While Citi on September 1 raised its target price by 26.5% to 555.9 HKD and maintained a Buy rating, and Goldman Sachs, Bank of America, and other major banks have target prices clustered between 530 and 581 HKD, near-term selling pressure from the full circulation overhang combined with significant prior accumulated gains has continued to suppress the share price.

The company reported strong H1 results on August 24, with revenue of 44.997 billion RMB, up 60% year-over-year, and adjusted net profit of 2.448 billion RMB, up 136.6%. Gross margin expanded from 9.3% to 11.5%. Management raised full-year store opening guidance to over 8,000 net additions, with mid-to-long-term targets of 50,000-60,000 stores and GMV exceeding 200 billion RMB within three years.

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