Miniso announced on Friday that it will spin off its brand Top Toy and list it in Hong Kong, capitalising on the growing investor interest in Chinese toymakers and highlighting the city’s renewed position as a global fundraising hub.
Top Toy’s initial public offering (IPO) will be coordinated by UBS, JP Morgan, and CLSA, as stated by Miniso, which is based in Guangzhou. The business, which will remain a subsidiary of Miniso after the spin-off, focuses on pop culture-inspired collectible toys. Miniso had indicated in June that it was considering a spin-off of Top Toy, showing increased confidence in the brand’s potential to stand alone.
Launched in late 2020 with just nine stores across five Chinese cities, Top Toy has expanded to 293 locations as of June, including international markets since the last quarter of 2024.
The listing of Top Toy follows the success of Chinese toymaker Pop Mart International Group, whose Labubu dolls, characterised by their "ugly-cute" design, have gained global popularity.
The spin-off and planned listing underscore Hong Kong’s role as the leading offshore fundraising centre for Chinese companies, particularly as U.S. lawmakers threaten to delist Chinese firms from American stock exchanges.
Hong Kong, driven by an influx of Chinese companies, has emerged as the top global exchange for IPOs and secondary listings so far this year, surpassing the New York Stock Exchange, according to data from LSEG.
Chinese autonomous driving company Momenta is also reportedly considering moving its IPO from New York to Hong Kong, according to Reuters.
Miniso stated that the spin-off and listing would enhance Top Toy’s operational and financial transparency, and as an independent entity, the business would be more attractive to investors.
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Train passengers across Italy faced delays of up to three hours on Saturday after suspected acts of sabotage disrupted rail infrastructure near the northern city of Bologna, coinciding with the first full day of the Winter Olympic Games.
A Japanese city near Mount Fuji has cancelled its annual cherry blossom festival, saying growing numbers of badly behaved tourists are disrupting daily life for residents.
Speedskater Francesca Lollobrigida has given host nation Italy its first gold medal of the Milan Cortina Winter Olympics, winning the women’s 3,000 metres in Olympic-record time on Saturday.
Russia launched a large-scale overnight attack on Ukraine’s energy system early on Saturday (7 January), hitting power generation and distribution facilities with more than 400 drones and around 40 missiles, Ukrainian officials have said.
Storm Leonardo hit Spain and Portugal on Tuesday, forcing more than 11,000 people from their homes, as a man in Portugal died after his car was swept away by floodwaters and a second body was found in Malaga.
Winter weather has brought air travel in the German capital to a complete halt, stranding thousands of passengers as severe icing conditions make runways and aircraft unsafe for operation and force authorities to shut down one of Europe’s key transport hubs.
An attacker opened fire at the gates of a Shiite Muslim mosque in Islamabad on Friday before detonating a suicide bomb that killed at least 31 people in the deadliest assault of its kind in the capital in more than a decade.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 6th of February, covering the latest developments you need to know.
Greek authorities said they have arrested a member of the armed forces on suspicion of leaking highly sensitive military information to foreign handlers allegedly linked to China.
Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Chevron is in talks with Iraq’s oil ministry over potential changes to the commercial framework governing the West Qurna 2 oilfield, one of the world’s largest producing assets, after Baghdad nationalised the field earlier this month following U.S. sanctions imposed on Russia’s Lukoil.
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