Miniso Reportedly In Talks To List Its Toy Business, Hires Bankers

Miniso is in talks to spin off its Top Toy business and list its shares on the Hong Kong Stock Exchange, according to a Bloomberg News report.

The Japanese retailer has hired JPMorgan Chase (JPM) and UBS Group for the planned initial public offering (IPO).

According to the report, which cited people familiar with the development, Miniso is also considering a fresh investment in Top Toy from potential backers, such as sovereign wealth funds, before the share sale.

The development comes as the retailer's global expansion pressures its business. 

Miniso's profit declined last quarter as selling and distribution costs rose 46%, primarily due to its ongoing growth push.

U.S.-listed shares (MNSO) fell over 17% in a single day last month, their worst performance in over two years.

However, management assured that the business is resilient due to its scale and diversified footprint.

Miniso's plan to list Toy Top follows the incredible rise of Chinese toymaker Pop Mart International, the company behind blind‐box figurines like Labubu, Molly, Dimoo, and Pucky.

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.

Miniso launched Top Toy in late 2020. As of last count, it had 280 stores.

On Stocktwits, the retail sentiment was 'bearish,' unchanged from a week ago.

Miniso U.S. shares are down 24.6% year-to-date.

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