Tencent, Fidelity, and Temasek are reported to plan investments in the upcoming Hong Kong IPO of Chinese snack retailer Busy Ming Group Co., according to Bloomberg sources.

The three firms are expected to be among cornerstone investors in an IPO that could raise up to US$500 million.

Busy Ming aims to begin taking investor orders soon, with details subject to change.

The company was founded in 2016 and opened its first store in Changsha in 2017. It reported a profit of 1.6 billion yuan (US$225 million) for the nine months ending September 30, more than triple the previous year’s figure.

Its product range includes baked goods, biscuits, nuts, seeds, snacks, and beverages.

Goldman Sachs and Huatai International are joint sponsors for the IPO.

Representatives for Busy Ming, Tencent, and Fidelity did not comment, and Temasek declined to respond.

🔗 Source: Bloomberg