In 2025, China's consumer market—shaped by the dynamic interplay of users, brands, and channels—continues to fuel transformative change. At BA Capital, we have not only witnessed the rise of new brands but have actively partnered with those possessing strong competitive advantages to scale rapidly in global markets.
To date, BA Capital has catalyzed the Hong Kong listings of four portfolio companies. Notably, three of them—Pop Mart, Laopu Gold, and Giant Biogene—collectively accounted for 32% of the total market capitalization of Hong Kong IPOs (excluding A+H share listings and delisted companies) from January 2020 to August 20, 2025.
In April 2025, our portfolio company Busy Ming Group filed for an IPO on the Hong Kong Stock Exchange. As of September 2025, it operates more than 20,000 stores nationwide, spanning all city tiers and achieving a remarkable 66% penetration rate in county-level markets, solidifying its position as China's largest food and beverage retailer.
Our strategic evolution from 2016 to 2025 reflects this market dynamism. We have expanded our portfolio's geographic footprint from Tier 1-2 cities down to counties and townships, and from domestic to international markets. Simultaneously, our investments have broadened across the value chain, moving beyond products and services to encompass supply chain and retail infrastructure.
BA Capital is among the few investment firms achieving meaningful results across two distinct consumer segments: Ultimate Experience and Ultimate Efficiency. Ultimate Experience refers to delivering highly differentiated consumer experiences, while Ultimate Efficiency refers to achieving significant advantages in cost and convenience.
BA Capital will maintain a selective investment approach while deepening our unique expertise in both the Ultimate Experience and Ultimate Efficiency paradigms.
