contentEN: "On January 28, Hunan Busy Ming Group Commercial Chain Co., Ltd. (hereinafter referred to as “Busy Ming Group”), China’s largest chain retailer in the snack food and beverage segment, officially listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX) \_under the stock code 01768.HK. Based on the offer price of HKD 236.60 per share, the IPO raised a total of HKD 3.67 billion . As of 09:45 on the first day of trading, the Company’s share price stood at HKD 430.00, representing an increase of 81.74% over the offer price, with a total market capitalization exceeding HKD 92.0 billion.\n\n**Gaorong\_Ventures co-led Busy Ming Group’s first-round financing in 2021, and continued to oversubscribe in subsequent rounds.**\n\n**Yan Zhou, Founder, Chairman and CEO of Busy Ming Group,**\_commented: “We started from a neighborhood store. Today, with more than 20,000 stores nationwide, we have become a daily staple for ordinary people. Even if we may one day become China’s largest offline retail channel, our original aspiration remains unchanged. We want consumers to be able to ‘find and afford’ great snacks, and to feel the joy of ‘getting a big bag for just a few dozen yuan.’ We also want our franchisees to earn money through their own hard work and live a life with promising prospects.\n\n**‘Creating a joyful life and becoming the people’s snack brand’ is our corporate vision and the unwavering direction that every member of Busy Ming Group will continue to pursue.**\_We will keep running forward—going further and reaching more places. Wherever there are people, there can be Busy Ming Group—bringing simple happiness to more people.”\n\n\n\n**Han Rui, Partner at Gaorong\_Ventures,**\_stated: “Congratulations to Busy Ming Group on its successful listing on the Hong Kong Stock Exchange, making it the first bulk snack retailer to be listed on the HKEX. **We have long believed that the essence of retail is to ‘repeat simple actions consistently,’ and Yan Zhou is one of the few founders we have met who can take this principle to the extreme.**\_He is exceptionally good at focusing on what matters and letting go of the rest, which enables him to identify the simplest actions; and he is remarkably disciplined and patient, which enables him to repeat them over the long run.Moreover, in an industry so close to cash flow, Yan Zhou is a rare founder who consistently fosters a culture of trust with his team and partners. Today, that trust has been rewarded.”\n\n**High-Speed Growth: From 450 Stores to Over 20,000 Nationwide**\n\nBusy Ming Group operates two leading brands—“Snack Busy” and “Zhao Yiming Snacks”—and is a pioneer of the bulk retail model in China's food and beverage industry. \_In the first nine months of 2025, the Company achieved RMB 66.1 billion in gross merchandise value (GMV). The Group's stores now cover 28 provinces and cities of all tiers nationwide, with 59% penetrating into counties and townships, establishing itself as a significant physical retailer connecting mass consumption with China's food industry.\n\n\n\n**When Gaorong\_Ventures co-led Busy Ming Group’s first-round financing in 2021, the Company had 450 stores and had just begun its nationwide expansion.**\_At that time, Gaorong’s investment team and research center conducted on-site research, visiting nearly 100 stores and producing a 98-page internal research report.\n\nIn recent years, Busy Ming Group has taken a distinctive path compared with traditional supermarkets and online platforms. Rooted in communities and lower-tier markets, it uses high-frequency, essential snack-and-beverage consumption as the entry point. By rebuilding the supply chain and compressing intermediaries, the Company brings genuine value-for-money to consumers. On top of that, it further delivers emotional value—creating a relaxed and enjoyable shopping experience.\n\nAs of November 30, 2025, Busy Ming Group operated 21,041 stores, many of which are located near county centers, townships, and residential communities—making high-quality, affordable, and diverse food offerings an everyday reality for ordinary households.\n\nGaorong\_Ventures has identified high-quality companies in offline retail along two overarching theses. First, Gaorong\_believe that mid-sized supermarkets represent an intermediate equilibrium in retail, as it is difficult for them to excel simultaneously at “variety, speed, quality, and low price.” Many categories within mid-sized supermarkets tend to be gradually “unbundled” by emerging retail formats. Given China’s population density,\_**this often leads to the rise of specialized stores**—for example, Qian Dama in fresh produce, Pagoda in fruit retail, and similarly strong opportunities in snacks.\n\nSecond, **Gaorong\_continue to seek unique offline experiences that remain difficult to replace even with highly advanced internet infrastructure. Borrowing the popular AI term “Vibe Coding”, snack specialty stores are a quintessential form of “Vibe Shopping”.**\_Consumers are surrounded by an abundant, visually compelling selection, while bulk and individually packaged items reduce decision-making costs—creating a highly satisfying “atmospheric shopping” experience. Busy Ming Group is a strong embodiment of both theses.\n\n**Rebuilding the Supply Chain to Directly Connect Consumer Demand with Industrial Supply**\n\nAs a leader of the bulk retail model, Busy Ming Group unlocks value through enhanced efficiency. By directly connecting manufacturers and brand partners, and leveraging scale procurement, standardized operations, and a nationwide warehousing and distribution network, the Company significantly reduces circulation costs. Under strict food safety and quality assurance, it enables products of the same quality to reach consumers at more reasonable prices.\n\nAs of September 30, 2025, Busy Ming Group had established partnerships with over 2,500 high-quality manufacturers, including 50% of the companies on the Hurun China Food Industry Top 100 list. **The average price of comparable products is approximately 25% lower than offline supermarket channels.**\n\nToday, Busy Ming Group has progressively become a vital hub connecting consumers' real needs with China's food manufacturing capabilities. The company curates and customizes products based on consumer preferences, establishing a standardized process of \"initial selection—tasting—trial sales—full rollout,\" launching hundreds of new products monthly.This forms a product portfolio that is category-rich, high-frequency in iteration, and structurally diverse. As of September 30, 2025, Busy Ming Group maintained approximately 3,997 SKUs in stock, spanning 7 major categories and over 750 brands.\n\n\n\nBuilding on this foundation, Busy Ming Group delves deep into product origins, collaborating with manufacturers to optimize specifications and formats. As of September 30, 2025, approximately 34% of SKUs were derived from customized collaborations with manufacturers, and 38% of products were sold in bulk by weight. Meanwhile, leveraging consumer data gathered close to the point of sale, Busy Ming Group actively participates in upstream R&D. For example, based on insights into flavor preferences, the company partnered with Yanjinpuzi to launch \"Sesame Sauce Flavored Vegetarian Tripe,\" which achieved sales of 960 million units in the first nine months of 2025.\n\n**Serving the Real Economy by Deepening Domestic Market Penetration**\n\nBusy Ming Group’s rapid development is built on the solid foundations of China’s unified national market, improved logistics infrastructure, and enhanced digital capabilities. Through a nationwide warehousing and logistics network and standardized management systems, **the Company has achieved stable operation and high-quality development at a scale of over ten thousand stores.**\n\nAs of September 30, 2025, Busy Ming Group operated 48 digitalized modern warehousing and distribution centers. A single warehouse can cover a delivery radius of up to 300 kilometers, enabling 24-hour delivery to stores nationwide. In the first nine months of 2025, warehousing and logistics costs accounted for 1.7% of total revenue. In 2024, inventory turnover days were 11.6, both of which are among the best in the industry.\n\nWhile serving consumer demand, Busy Ming Group continues to drive the real economy through tangible spillover effects. The Company connects the industrial chain from agricultural production and food processing to end retail, helping local food enterprises and agricultural raw materials reach broader markets through its nationwide store network—thereby promoting overall upgrades across China’s snack supply chain. It has supported 9,552 franchise partners in entrepreneurship, created substantial employment opportunities, and advanced the continuous improvement of county-level commercial systems through a standardized and replicable model.\n\n**Making the Benefits of Industry Upgrading Accessible to Millions of Households**\n\nIn recent years, China’s snack food and beverage retail industry has grown significantly. According to reports from the National Bureau of Statistics and Frost & Sullivan, the market expanded from RMB 2.9 trillion in 2019 to RMB 3.7 trillion in 2024, representing a compound annual growth rate (CAGR) of 5.5%, and is expected to further grow to RMB 4.9 trillion by 2029.\n\nBusy Ming Group’s listing on the Hong Kong Stock Exchange marks its entry into a more transparent and resilient stage of development. Looking ahead, the Company will remain committed to long-term value creation—strengthening store-level operations, serving consumers with excellence, and making high-quality, value-for-money snacks a readily accessible daily choice for more families. By delivering inclusive consumption through efficiency, and connecting joyful living through snacks, Busy Ming Group will continue to write a new chapter in China’s snack retail story.\n\nHan Rui added: “Busy Ming Group has already become an industry leader, and it will assume even greater responsibilities as a leader going forward—bringing peace of mind and happiness to more consumers. We look forward to a day when, after finishing homework or doing well, more parents will say, ‘Come on—let’s go to Busy Ming Group as a reward.’ **We wish Busy Ming Group continued success, and we hope the Company will, with even better and healthier products, remain a long-standing part of our lives—so that the dividends of food industry upgrading can benefit millions of households**.”"
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-title:祝贺壁仞科技成功上市，成为“港股GPU第一股” | 高榕新闻
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Congratulations to Biren Technology on Its Successful IPO, Becoming the
"First GPU Stock in Hong Kong" | Gaorong Ventures News
contentEN: "On January 2, Biren Technology was listed on the Main Board of The Stock Exchange of Hong Kong under the stock code\_[06082.HK](https://06082.hk/).\_As the first new listing of 2026 in Hong Kong, Biren Technology priced its shares at HK$19.60 each, raising a total of HK$5.583 billion. In early trading, the share price surged as much as 118% to HK$42.88, pushing the company's market capitalization above HK$100 billion. With this successful listing, Biren Technology not only became the \"first GPU stock in Hong Kong\" but also marked the largest IPO since the implementation of the Chapter 18C listing regime for specialist technology companies in Hong Kong.\n\n\n\nIn his listing day speech, Zhang Wen, Founder, Chairman, and CEO of Biren Technology, said: \"This is a better beginning, and it also means shouldering greater responsibility. Going forward, Biren Technology will continue to increase R&D investment, fully advance the development and iteration of full-stack, independently controllable products, build a comprehensive domestic computing power ecosystem, and strive to enhance the security, stability, and resilience of China's AI computing industry, while leading and empowering high-quality development of the artificial intelligence industry.\"\n\n\n\nGaorong Ventures participated in Biren Technology's Pre-B round financing in 2020. Biren Technology is also the ninth portfolio company of Gaorong Ventures to successfully list on the Hong Kong stock exchange within the past 12 months.\n\n**A Leader in Advanced Technology: Full-Stack Independent Control**\n\nFrom its founding in 2019—inspired by the spirit of \"standing like a towering cliff\" at the foot of Mount Wuyi and starting its journey on the banks of the Huangpu River—to today's listing ceremony on the shores of Hong Kong, Biren Technology has devoted six years of full \"chip\" commitment to the domestic chip journey. It has carved out a path of independent innovation in the field of general-purpose large-compute chips—through its proprietary original chip architecture, building a full-stack software ecosystem, and leading industry trends in large-compute chiplet and optical interconnect technologies. By persistently developing a high-performance GPU software and hardware system from the ground up, Biren has achieved full-link independent control, from high-end AI chips to computing clusters.\n\nBiren Technology has gathered nearly 1,000 top-tier talents from around the world and accumulated strong proprietary technologies and engineering capabilities. Within just three years, the company advanced its first product from design to commercialization, demonstrating world-class R&D efficiency through outstanding product performance. Public data show that as of 2025, Biren Technology has filed over 1,500 patent applications across multiple countries and regions—ranking first among Chinese general-purpose GPU companies—and has been granted more than 600 patents, placing it among the top in the Chinese GPU sector. Its invention patent grant rate stands at 100%, the highest among domestic enterprises. In addition, Biren Technology has twice received the highest award—the SAIL Award—at the World Artificial Intelligence Conference, took the lead in commercial deployment of optical interconnect technology, and has been recognized as a National Key \"Little Giant\" enterprise (specialized and sophisticated SME).\n\n\n\n**Domestic Computing Power Empowers All Industries: Entering a New Phase of Scalable Growth**\n\nWith practical, reliable, and innovative products and solutions, Biren Technology's products have been deployed in key industries including AI data centers, telecommunications, AI solutions, energy and utilities, fintech, and internet services. They have been scaled across multiple AI computing clusters nationwide, effectively supporting core application scenarios such as AI training, inference services, and scientific research. The customer base covers nine Fortune China 500 companies (including five Fortune Global 500), and Biren has achieved scaled commercial deployment of domestic computing clusters with all three major telecom operators—closing the loop from technological breakthroughs to market validation.\n\nSince the official commercialization of its Bili™ chip products in 2023, Biren Technology has demonstrated strong growth momentum. Revenue grew from RMB 62.03 million that year to RMB 337 million in 2024. With the mass production and market launch of the Bili™ 166 chip product, Biren achieved another leap in growth in 2025. As of December 15, 2025, the company's order backlog reached RMB 1.241 billion. Beyond its existing product portfolio, Biren plans to launch the BR20X series, a next-generation flagship data center chip developed on its second-generation architecture, for cloud training and inference, with commercial availability expected in 2026, which is poised to unlock significant further market potential.\n\n**From Follower to Runner-Up: Building a Domestic Intelligent Computing Industry Ecosystem**\n\n2026 marks the first year of the \"15th Five-Year Plan\" period. The \"Recommendations for the 15th Five-Year Plan\" highlight artificial intelligence development as a future priority, with the term \"artificial intelligence\" mentioned eight times and \"computing power\" twice, calling for AI to lead changes in research paradigms and seize the high ground in AI industrial applications.\n\nChina is deeply implementing the \"AI+\" initiative, creating broad application scenarios for AI computing chips and driving explosive growth in demand for various types of computing chips. Against the backdrop of national strategy and accelerating domestic substitution, Biren Technology's technical strength and product portfolio are well aligned with policy directions and the urgent market need for independent and controllable computing power. Seizing this development opportunity, Biren's Hong Kong listing will raise funds to accelerate next-generation product iteration and technological innovation, including the development of intelligent computing hardware, software platform upgrades, and commercialization of intelligent computing solutions, all with the long-term goal of driving technological progress and accelerating AI applications.\n\nStanding at a brand new starting point, Biren Technology will unswervingly pursue its strategic mission of \"domestic chip design, domestic manufacturing, domestic deployment, and domestic application.\" It will continue to strengthen R&D investment, enhance core technology self-reliance, deepen collaborative innovation across the industrial chain, and provide powerful, efficient, and secure computing infrastructure to become a cornerstone supporting China's digital economy and AI industry development.\n\nYue Bin, Founding Partner of Gaorong Ventures, commented: \"The high-end general-purpose intelligent chip business is a challenging endeavor, much like scaling a towering cliff—it requires a mature team that can navigate both technology and business cycles. Biren has a clear understanding of the long-cycle, high-difficulty nature of the industry, while demonstrating outstanding comprehensive capabilities across core technology, talent, capital, ecosystem, and other dimensions. They have the courage and the foundation to keep climbing upward, and they are the kind of aggressive players that match this era and dare to stand at the forefront. Over the past few years, Biren has fully validated its R&D strength and product reliability, and has shown impressive growth potential in commercialization. Listing is a new starting point—we look forward to Biren continuing its journey toward the future of domestic GPGPUs and AI chip ecosystems, constantly pushing the boundaries of computing efficiency.\"\n\n"
