Today, Busy Ming (鸣鸣很忙) rang the bell at the Hong Kong Stock Exchange.
From our first encounter on the streets of Changsha in 2018, to becoming its first-round investor in 2021, and now standing side by side at the listing ceremony, GenBridge Capital and Busy Ming have walked together through eight years of meeting, understanding, and growing alongside each other.
In this article, Victor Zhang, Founding Partner of GenBridge Capital, looks back on this journey and extends his most sincere wishes to Busy Ming.
We believe that what truly moves people is a relentless focus on revealing experience — and an original aspiration to create joy. Just as Zhou Yan, Chairman of Busy Ming Group, said at the bell-ringing ceremony:
“Even if one day we become China’s largest offline retail channel, our original aspiration will remain unchanged — to ensure consumers can buy, afford, and enjoy what they purchase. Creating joyful lives and becoming the people’s snack brand is our corporate vision, and it will remain the unwavering direction for every member of Busy Ming.”
The full article begins below:
The entrepreneurial journey is long and arduous. Yet the true destination often lies hidden in the smiles of ordinary people.
Today, Busy Ming officially listed on the Hong Kong Stock Exchange, marking a new milestone. This is not only a defining moment in the company’s growth, but also a powerful testament to the vast potential of China’s mass consumer market. In just a few short years of rapid expansion, nearly 20,000 stores nationwide have delivered more than high value-for-money experiences — they have brought joy to millions of families.
At the bell-ringing ceremony, from left to right: Victor Zhang, Founding Partner of GenBridge Capital; Zhou Yan, Chairman of Busy Ming Group; and Robert Chang, Founder of GenBridge Capital.
I first learned about Snack Is Busy (零食很忙) in 2018, when it had just over 100 stores. I noticed this special snack shop on the streets of Changsha — on the entire block, it was the most eye-catching one, bright, spotless, and instantly attention-grabbing.
At the time, “consumption upgrading” was the dominant industry narrative, and county-level consumption had yet to receive much attention. But inside Snack Is Busy’s stores, I saw the real lives of everyday consumers: mothers filling shopping baskets with snacks to reward their children; during holidays, checkout lines stretching from the cashier all the way to the door.
Based on our observations of demographic shifts, real estate trends, and digitalization, we reached two conclusions: first, that China’s retail sector was on the verge of a generational transformation; second, that county-level consumption was rising. Together, these forces would give birth to a new generation of thousand- and ten-thousand-store chains. Snack Is Busy, born on the streets of Changsha, could well represent the future direction of this new generation.
A year later, we had our first formal meeting with Zhou Yan. That conversation felt very much like a meeting between theory and practice. I shared many of my thoughts on the future of China’s retail landscape and discount models, curious to hear his perspective.
Unexpectedly, after listening, Zhou Yan calmly said a sentence that has stayed with me ever since: “I’m not selling cheap goods.”
To him, low prices certainly mattered — but what he wanted customers to take home was not just a big bag of inexpensive snacks, but a big bag of happiness. Discounts were never the goal; delivering a better consumer experience was.
At that moment, I felt genuine respect. From a very early stage, he had already realized that what truly differentiates a brand is not the products themselves, but the time consumers are willing to spend with it.
I have met many retail entrepreneurs — some imaginative and bold, others eloquent and analytical. Zhou Yan felt different. He possessed a kind of “gentle determination”: never aggressive, yet unmistakably clear about what he wanted to do, and deeply confident in that direction.
Between 2021 and 2023, the discount snack sector experienced explosive growth, accompanied by bouts of disorderly competition. Yet Yan Zhou never lost sight of his original aspiration, consistently placing consumer experience above all else.
Because of this, for a long time Snack Is Busy may have been one of the hardest brands in the market to franchise. Franchisees had to pass multiple layers of screening; every region and store was evaluated under a rigorous scoring system, with strict standards for store image, products, service, and merchandising. In the early days, if a customer was dissatisfied, they would even drive one or two hours to the customer’s home to resolve the issue.
This conviction brought not only steady brand growth, but also like-minded partners. In 2023, Snack Is Busy and Zhao Yiming Snacks officially merged to form Busy Ming, with Yan Zhou and Ding Zhao transforming from competitors into partners.
This move sparked much curiosity, but it was hardly surprising. To my knowledge, even in Zhao Yiming’s early days, Ding Zhao and Zhou Yan frequently exchanged ideas about the discount snack model. Rather than rivals, they were more like friends who admired each other and grew together. Their coming together was rooted in a shared pursuit of one thing: creating joy for consumers.
In March 2024, we visited Japan with Zhou Yan and Ding Zhao to study retail formats. Both were deeply impressed by Don Quijote, the Japanese retailer known for its “treasure-hunt” shopping experience, further reinforcing their convictions. Upon returning, Snack Is Busy opened three themed flagship stores in Changsha — Snack Is Big, Snack Is Spicy, and Snack Is Busy, Big and Spicy. Zhao Yiming Snacks also launched co-branded themed stores with IPs such as Peppa Pig, attracting large crowds.
In 2024, the merged Busy Ming entered the “10,000-store club.” At that year’s GenBridge Portfolio Gathering, many of our partner companies congratulated the team and sought to learn from their experience. But for Yan Zhou, 10,000 stores were never the finish line. One question still kept him on edge: how to further elevate the consumer experience and bring even more joy to customers. This had been his focus since day 0ne — and it has never changed.
A group photo of GenBridge Capital and Busy Ming at the 2024 GenBridge Portfolios Gathering
Today, if you step into a Snack Is Busy or Zhao Yiming store, you’ll see entire rows of trendy toys and blind boxes, walls of adorable IP merchandise behind the checkout counter, and light, upbeat music playing on the screens. Yan Zhou is truly doing what he always envisioned — turning snack shops into places that don’t just “save you money,” but give you a reason to drop by even when you don’t need anything.
A few days ago, while shopping for New Year goods, I happened to see a grandmother holding her grandson’s hand, carefully selecting snacks at the shelves — a deeply touching scene. A store associate told me that every afternoon after school, children pour in chattering excitedly, happily browsing the snacks together. It’s the liveliest moment of the day.
People often say that the taste of childhood is hidden in a piece of candy or a bag of chips. Perhaps when these children grow up, they will fondly remember the snack shop at the entrance of their neighborhood — and the time spent with “Xiao Mang” and “Xiao Ming.”
In the years ahead, may Busy Ming continue, as always, with its original aspiration and warmth, accompanying generation after generation of Chinese families — moving forward joyfully, steadily, and ever farther.
Victor Zhang, Founding Partner of GenBridge Capital
Jan 28, 2026