The company is set to do this and list it in Hong Kong, riding a wave of investor enthusiasm for Chinese toymakers and highlighting the city’s renewed status as a global fundraising hotspot.
UBS, JP Morgan and CLSA are overall coordinators of Top Toy’s initial public offering, Guangzhou-based MINISO said.
The business, which will remain a subsidiary of MINISO post spin-off, focuses on pop culture-inspired collectible toys. MINISO had said in June it was assessing a potential spin-off of Top Toy, signalling growing confidence in the brand’s standalone appeal.
Launched in late 2020 with just nine stores across five Chinese cities, Top Toy has since expanded to 293 locations as of June, including a push into international markets since the December quarter of 2024.
Top Toy’s listing comes in the wake of the massive rise of Chinese toymaker Pop Mart International Group, whose ugly-cute Labubu dolls have become popular across the world.
The spin-off and subsequent listing highlights Hong Kong’s role as the leading offshore fundraising hub for Chinese companies, especially as US lawmakers threaten to delist Chinese firms from American stock exchanges.
