# down‑market expansion

From 40 m² Shop to HK$86bn IPO: How Two '85ers Turned Cut‑Price Snacks into China's Biggest Retail Bet

Two entrepreneurs from modest backgrounds built MingMing Busy into China's largest snack retail chain by combining ultra‑low prices, direct sourcing and rapid expansion into lower‑tier markets. The group's HK IPO valued it at about HK$86.2bn, rewarding scale but leaving open questions about single‑store profitability, brand trust and the sustainability of its low‑margin model.