Miniso seeks to raise US$100m in AmericaBusiness | Avery Chen 25 Sep 2020
Miniso, a Chinese budget household goods retailer, has filed for US listing to raise US$100 million (HK$780 million), although investors are still keen on Hong Kong initial public offerings.
The Muji competitor had more than 4,200 stores as of June 30, including over 2,500 domestic stores and over 1,680 stores across over 80 countries . The total gross merchandise volume reached 19 billion yuan (HK$21.55 billion) in 2019. Its revenue fell 4.4 percent to 8.98 billion yuan for the fiscal year ended June 30. Its net loss narrowed by 11.6 percent to 260.2 million yuan during the period.
Tencent-backed Miniso has been involved in 115 law cases, with over half of them infringement lawsuits, mainland media reported.
Meanwhile, in Hong Kong, Chinese property software company Ming Yuan Cloud (0909) surged more than 50 percent in the gray market ahead of its debut, which means investors could make a paper gain of more than HK$8,200 per board lot of 1,000 shares.
And Ming Yuan Cloud raised HK$5.91 billion after pricing its IPO at HK$16.5 apiece, the top end of the indicative price range. Its retail tranche was oversubscribed 643 times.
In other news, mainland biopharmaceutical company Everest Medicines opens retail books today to raise as much as HK$3.5 billion with a minimum investment of HK$27,777.
It is offering 63.55 million shares at a price range of HK$50 to HK$55 per share. It is set to debut on October 9.