New York-listed, Chinese discount variety retailer Miniso has applied for a Hong Kong stock exchange listing, hard on the heels of Domino’s China’s filing last week.
The brand has not disclosed how much it aims to raise from its listing. In 2020, Miniso raised US$608 million from its IPO debut on the New York stock exchange.
Since the opening of its first store in China in 2013, the brand has rolled out more than 3100 Miniso stores and 89 Top Toy stores across the country. As of December 31, Miniso recorded a store network of 5000 across approximately 100 countries and regions.
The company attributed its extensive store expansion to its Miniso retail partner model, where partners mobilise their resources to open and operate Miniso stores and use the brand in exchange for a pre-agreed portion of in-store sales proceeds.
“Our insights into local consumer tastes and preferences and outsourcing capabilities enable us to meet the local demands in each international market,” the company said.
Due to the disruption of the Covid-19 Omicron variant, Miniso recorded a decrease in revenue in its international markets and slower sales growth in China. Across overseas markets, the revenue was down 39.3 per cent year on year to $279.4 million in the fiscal year ended last June. However, sales rebounded in the six months ended December 31 last year, surging 64.9 per cent to $210.4 million compared to the year before.
Meanwhile, in China, Miniso recorded a 20.6-per-cent growth in revenue in the fiscal year ended on June 30 last year, followed by a 12.9 per cent surge in the six months ended December 31.