Chinese Retailer Miniso Considering Second Listing in Hong Kong in 2022

Miniso Group, a Chinese consumer goods retailer whose stock is already traded in New York, is considering a second listing in Hong Kong next year, Bloomberg reported on Thursday, citing individuals with knowledge of the matter. The firm is working with Bank of America Corporation and UBS Group AG on the proposed share sale to raise a few hundred million dollars in Hong Kong. Miniso has not issued an official response to the reports.

Just two days ago, Miniso announced that its board of directors has authorized a program under which the company may repurchase up to $200 million of its outstanding Class A ordinary shares and/or American depositary shares representing its Class A ordinary shares, effective until September 21, 2022.

Established in China in 2013, Miniso has raised $608 million in its New York Stock Exchange listing in October last year. However, as of press time, the share price of Miniso is $10.06 per share, resulting in a total market value of $3.082 billion. Miniso has entered 100 countries and regions across the world, according to its website.

According to its previously released financial report, the total revenue of Miniso in the third quarter reached 2.65 billion yuan ($412 million), representing an increase of 28.1% year-on-year. Revenue generated from domestic operations and international operations was 2.03 billion yuan and 623.3 million yuan, respectively. Adjusted net profit was 184.2 million yuan, representing an increase of 80.3% year-on-year.

SEE ALSO: Looking Beyond China, Budget Store King Miniso Eyes Growth Opportunities in Overseas Markets

The number of Miniso stores had increased to 4,871 as of September 30, 2021, representing a quarterly net addition of 122 stores. The number of Miniso stores in China had increased to 3,035 as of the same date, representing a quarterly net addition of 96 stores.