Lifestyle Retailer Miniso Completes Hong Kong IPO
Chinese budget lifestyle retailer Miniso has officially listed on the main board of the Hong Kong Stock Exchange (HKEx) with “9896” as its ticker symbol. The firm’s opening share price was HK$13.20 ($1.68) – lower than the actual listing price of HK$13.80 ($1.76).
Founded in 2013, Miniso mainly provides a variety of creative lifestyle products. From the opening of its first store in Guangzhou in 2013 to December 31, 2021, Miniso has grown to operate over 5,000 stores across the world, of which more than 3,100 stores are in China and about 1,900 stores are overseas.
In 2020, Ye Guofu, Chairman and CEO of Miniso, put forward the concept of “interest consumption” for the first time in the industry, releasing designer toy brand “TOP TOY.” As of December 31, 2021, TOP TOY has 89 stores, ranking third among the major brands in China’s fashion toy market.
Miniso clearly stated that in the next 12 to 36 months, it will further develop the TOP TOY brand and invest in marketing activities in both online and offline channels. Ye even hopes that TOP TOY can be publicly listed separately within three years.
SEE ALSO: Miniso Receives Approval for Hong Kong Listing
However, affected by the pandemic, competing products and consumption habits, Miniso‘s revenues were 9.395 billion yuan, 8.979 billion yuan and 9.072 billion yuan respectively from fiscal year 2019 to fiscal year 2021. Meanwhile, net profits were -294 million yuan, -260 million yuan and -1.429 billion yuan respectively.
