Miniso Group Holding Ltd. has hired JPMorgan Chase & Co. and UBS Group AG for the planned initial public offering of unit Top Toy in Hong Kong, according to people familiar with the development.
Miniso is also looking to bring fresh investment into Top Toy from potential backers such as sovereign wealth funds before the share sale, the people said, asking not to be identified discussing a private matter.
Bloomberg News reported in March that Guangzhou-based Miniso was considering spinning off and listing Top Toy, a move that would follow the staggering rise of Chinese toymaker Pop Mart International Group Ltd.
Miniso may add other banks to the IPO lineup, the people said. The company didn’t respond requests for comment. JPMorgan and UBS declined to comment.
Pop Mart’s shares soared more than 340% last year and a further 171% so far in 2025, fueled by frenzied demand for its collectible toys that come in hidden packaging, including the Labubu dolls endorsed by celebrities including Lisa from the K-pop group Blackpink. Pop Mart’s market value is now US$42 billion ($54.08 billion).
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While not as dramatic as Pop Mart’s performance, Miniso has climbed 150% since listing in Hong Kong in 2022.
Miniso launched Top Toy in late 2020, initially with nine stores in five Chinese cities. As of the end of March, the store count had risen to 280 and the brand had also begun to expand overseas, its latest quarterly report showed.
