Miniso shares rose on hiring banks for Top Toy's Hong Kong IPO

Miniso's (9896) shares rose on a report that the retail chain was said to have hired banks for the Hong Kong initial public offering of its toy brand Top Toy, as the city's financial market keeps shining amid global trade tensions.

Miniso has hired JPMorgan and UBS, and may bring other banks on board to arrange the IPO deal, according to Bloomberg News.

The company is looking to bring in new investment in Top Toy from potential backers such as sovereign wealth funds before the shares are issued, accoording to the report.

Shares of Miniso once gained as much as 6.5 percent to HK$35.85 apiece, before closing 4.6 percent higher at HK$35.2. Another fashionable toy blind box giant Pop Mart International (9992) climbed 5 percent yesterday.

In March, it was reported that Miniso was considering spinning off the fashion brand Top Toy.

The revenue from Top Toy surged 58.9 percent year-on-year to nearly 340 million yuan (HK$371 million) in the first quarter of the year, thanks to the rapid growth in the average store number.

STAFF REPORTER