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Forbes estimates Yan’s net worth at US$3.1 billion while Zhao’s fortune stands at US$2 billion, both from their stakes in the Hunan-headquartered firm.

Busy Ming’s stock jumped 88% last Wednesday after the retailer raised HK$3.67 billion (US$470 million) in its Hong Kong initial public offering.

It climbed to HK$445.00, far above its offer price of HK$236.60 per share. Its retail tranche, which comprised 1.41 million shares, was 1,899.49 times oversubscribed.

The listing drew high-profile names as cornerstone investors, such as Tencent Holdings, Fidelity International and Temasek Holdings, Bloomberg reported.

Busy Ming Group originated as two separate brands, “Busy for You” founded by Yan in 2017 and “Super Ming” started by Zhao in 2019, which merged in 2023.

It still operates under both brands and via a mainly franchised retail model, according to Reuters.

It sells items such as biscuits, instant meals and drinks at around 25% cheaper than comparable supermarket offerings. Examples include a 54-gram box of chocolate biscuits priced at 2.9 yuan (40 U.S. cents) and a 500-gram bag of roasted cashews for 49.9 yuan.

Kenny Ng, a Hong Kong-based securities strategist at wealth management firm Everbright Securities International, said the pricing strategy helps cushion the company from China’s consumption slowdown.

Busy Ming bills itself as the country’s largest snack and beverage retailer by 2024 sales value in its IPO prospectus, citing consultancy Frost & Sullivan.

It posted a profit of 1.56 billion yuan for the nine months ended Sept. 30, 2025, more than tripling from a year earlier. As of the end of last September, it had 19,517 stores across 28 provinces, with about 59% located in smaller towns and counties, according to its prospectus.