Busy Ming’s Successful Hong Kong Main Board Listing

Cleary Gottlieb acted as Hong Kong and U.S. counsel to the joint sponsors, Goldman Sachs and Huatai International, and underwriters in the successful global offering and listing of Busy Ming Group Co. Ltd. (Busy Ming) on the Main Board of The Stock Exchange of Hong Kong Limited.

Busy Ming priced its global offering at HK$236.60 per H share and issued 15.51 million H shares, raising approximately HK$3.67 billion in gross proceeds (excluding the overallotment option). Trading in the H shares commenced on January 28, 2026.

Busy Ming is an established and robustly growing food and beverage retailer in China. According to Frost & Sullivan, Busy Ming was the largest chain retailer in China in terms of GMV of snack and beverage products in 2024, and the fourth largest chain retailer in China in terms of GMV of food and beverage products in 2024. The transaction represents a significant milestone in the international capital markets debut of China’s food and grocery retail chain sector, reflecting strong investor interest in high‑growth consumer businesses supported by scalable supply‑chain capabilities.

The Cleary team was led by partners Freeman Chan, Shuang Zhao, Miao Zhang and Biyuan Zhang, and included counsel Daisy Yan and associates Nicole Wong, Eva Hong, Taoran Wang, and Michelle Chan. Partner Matthew Brigham and associates Jiyoung (Reina) Kim and Nathaniel Pribil advised on U.S. tax matters.