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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