Miniso recorded a revenue of CNY 2.34 billion for the first quarter of 2022.
Miniso Group Holding Ltd. (MNSO:NYSE), Chinese retailer offering a variety of design-led lifestyle products, has won the Hong Kong stock exchange’s approval for its planned dual primary listing, people familiar with the matter said.
The company plans to start the listing process next Monday with the Hong Kong bourse’s listing committee, according to the people, who added that Miniso will raise as much as USD 100 million in the share sale, one of the people said.
As of press time, Miniso didn’t immediately respond to our request for comment.
The proceedings will be used to expand and upgrade the store network, improve the supply chain and develop products, enhance technical capabilities, promote and cultivate brand.
Miniso raised about USD 656 million in its US IPO in October 2020. Its shares have fallen about 23% in New York this year, giving it a market value of about $2.4 billion.
Bank of America, Haitong Securities and UBS Group AG are joint sponsors of the listing, according to a preliminary prospectus.
Currently, the domestic competitors include NOME and LivHeart; MUJI from Japan and Sweden's IKEA are also two competitive rivals.