Miniso may spin off Top Toy brand

Bloomberg

Chinese lifestyle retailer Miniso (9896) is considering spinning off and listing its Top Toy brand in Hong Kong, according to people with knowledge of the matter, building on investor enthusiasm for Chinese toymakers and collectibles.

The Guangzhou-based retailer is in talks with prospective advisers on a possible share sale to raise about US$300 million (HK$2.34 billion), the people said. Deliberations are ongoing and Miniso could decide against pursuing an offering, they added.

A representative for Miniso declined to comment.

Miniso shares rose as much as 3.4 percent before closing 0.13 percent lower at HK$39.75 yesterday.

Miniso has climbed more than 190 percent since it started trading in Hong Kong in 2022, giving it a market value of about HK$51 billion.

Miniso launched Top Toy in December 2020, opening nine stores in five Chinese cities in the initial weeks. Store numbers had grown to 234 worldwide by September 30, including those operated by third parties, its latest quarterly report shows.

Top Toy's rapid expansion included the addition of 86 new stores - on a net basis - in the first nine months of last year, reflecting the popularity of products such as collectible figurines.

Another Chinese toymaker, Pop Mart International (9992), has turned into a global phenomenon thanks to its character dolls sold in mystery packaging. Pop Mart's shares soared 343 percent in Hong Kong in 2024, and they're up a further 20 percent this year.

An IPO by Bloks (0325), the maker of Ultraman figurines, raised HK$1.67 billion in January.

Bloks's shares are up 31 percent since their debut. Company founder Zhu Weisong is a billionaire now.