22 March 2026 | 6:17PM HKT Equity Research CHINA CONSUMER STAPLES Value retailers initiation feedback: Key investor questions on UE/cost impact/category expansion Following our value retailers coverage initiations on Busy Ming and Wanchen on Mar 8, we held numerous marketing meetings with onshore and offshore investors. In general, investors agreed with our investment thesis/framework on the snack value retailer sector and outlook for long-term store opening potential (we look for 105k/94k industry store co ...