China’s Miniso Group Holding is planning to list on the Hong Kong stock exchange, as the New York-listed household and consumer goods retailer seeks a listing closer to the mainland.
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The Guangzhou-based retail chain submitted its application to the Hong Kong stock exchange on Thursday (31st March), according to the bourse’s website, complementing its current listing on the New York Stock Exchange, where its raised US$608 million from its IPO debut in October 2022.
Miniso’s plans for a dual primary listing in Hong Kong follows in the footsteps of fellow Chinese companies like electric-vehicle makers Li Auto and Xpeng, which are looking to Hong Kong’s bourse to offset the risk of being delisted from U.S. exchanges.
That delisting risk became a reality two years ago after legislation introduced by the Trump administration said that Chinese companies that fail to pass U.S. audit reviews for three consecutive years would be delisted in the U.S.
In its most recent trading update, Miniso said revenue for the second quarter ending 31st December totalled RMB2,772.8 million (US$435.1 million), representing an increase of 20.7 percent year-over-year and 4.5 percent quarter-over-quarter.
Profit for the period was RMB184.1 million (US$28.9 million), compared to RMB20.8 million (US$3.27 million) in the same period of 2020, while the number of Miniso stores increased to 5,045 as of 31st December, 2021, representing a quarterly net addition of 174 stores, the company said.
“Looking ahead in the post-pandemic era, we are more capable and highly confident in constantly delivering long-term values to consumers and investors with our constant offering of products that are more appealing, useful and playful,” said Guofu Ye, founder, chairman, and chief executive officer of Miniso, at the time of the earnings update on 3rd March.
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Founded in 2013, Miniso operartes more than 5,000 stores across 100 markets globally, with some 3,100 stores in China.