Miniso Group mulls spin-off of its pop toy business

Miniso Group is considering a potential spin-off listing for its pop toy business, TOP TOY, and has initiated a preliminary assessment. The lifestyle retailer has reportedly engaged JPMorgan Chase & Co. and UBS Group AG for a planned initial public offering of TOP TOY in Hong Kong.

Reuters

Published On Jun 7, 2025 at 01:00 PM IST

Miniso Group said on Friday it was making a preliminary assessment of a potential spin-off listing of its pop toy business operating under the brand, "TOP TOY".

The plan is preliminary, with no assurance of the timing, listing venue or other details, the lifestyle products retailer said in a statement.

Miniso has hired JPMorgan Chase & Co. and UBS Group AG for a planned initial public offering of the unit, TOP TOY, in Hong Kong, Bloomberg reported on Wednesday, citing sources.

The TOP TOY brand saw a 58.9% rise in its March quarter revenue and an increase of 120 net new stores from a year before.