BUSYMING (01768) rose over 4%. As of the time of writing, the stock was up 4.29%, trading at HK$437.8, with a turnover of HK$100 million. Recently, BUSYMING officially commenced trading on the Hong Kong Stock Exchange. According to its listing prospectus, BUSYMING is China's largest chain retailer of leisure food and beverages and a leader in the bulk sales model for food and drink in China, currently operating under two major brands: "Snack Busy" and "Zhao Yiming Snacks". China Merchants Securities initiated coverage on BUSYMING with a "Strongly Recommend" rating, forecasting the company's adjusted net profit for 2025 to 2027 to reach RMB 2.52 billion, RMB 3.39 billion, and RMB 4.37 billion, respectively. China Merchants Securities pointed out that, as of November 30, 2025, the company's total store count was approximately 21,000. For the first three quarters of last year, its GMV, revenue, and adjusted net profit reached RMB 66.1 billion, RMB 46.4 billion, and RMB 1.81 billion, representing growth of 73%, 75%, and 241% respectively. The firm believes that the efficiency of the bulk snack channel significantly outpaces others and expects the company to continuously enhance its market penetration while maintaining a rapid pace of new store openings. With industry market share increasingly concentrating towards the leaders, the company's high-quality team, and its leading advantages in supply chain, warehousing and distribution, expansion, and branding, it is anticipated that the strong will get stronger amid industry scale effects, leading to a further increase in the company's market share and a gradual release of profits.