Chinese budget retailer Miniso plans to spin off its Top Toy brand and list it in Hong Kong, riding a wave of investor enthusiasm for Chinese toymakers and highlighting the city’s renewed status as a global fundraising hotspot.
The business, which will remain a subsidiary of Guangzhou-based Miniso post spin-off, focuses on pop culture-inspired collectible toys. Hong Kong-listed Miniso had said in June it was assessing a potential spin-off of Top Toy, signalling growing confidence in the brand’s stand-alone appeal.
Launched in late 2020 with just nine stores across five Chinese cities, Top Toy has since expanded to 293 locations as of June, including a push into international markets since the December quarter of 2024.
The spin-off and subsequent listing highlight Hong Kong’s role as the leading offshore fundraising hub for Chinese companies, especially as US lawmakers threaten to delist Chinese firms from American stock exchanges.
Hong Kong, fuelled by the influx of Chinese companies, has emerged as the top global bourse by volume of initial public offerings (IPOs) and second listings combined so far this year, overtaking its biggest rival, the New York Stock Exchange, according to data from LSEG.
Chinese autonomous driving developer Momenta was also mulling shifting its IPO to Hong Kong from New York, Reuters reported earlier.