Budget Retailer Miniso Weighing Hong Kong Listing Next Year
(Bloomberg) -- Miniso Group Holding Ltd., a Chinese budget household and consumer goods retailer whose stock is already traded in New York, is considering a second listing in Hong Kong next year, people with knowledge of the matter said.
The firm is working with Bank of America Corp. and UBS Group AG on the proposed share sale, the people said, asking not to be identified as the information is private. Miniso could raise a few hundred million dollars in Hong Kong, they said.
Deliberations are at an early stage, and details such as fundraising size and timing could change, the people said. Representatives for Miniso and BofA declined to comment. UBS didn’t immediately respond to requests for comment.
The discount store operator is looking to join a slew of U.S.-traded Chinese firms such as Baidu Inc., Xpeng Inc. and Weibo Corp. in conducting so-called homecoming listings.
As Sino-U.S. tensions simmer and threaten to block Chinese companies’ access to U.S. capital markets, some of them are seeking a foothold back home as a hedge against risks. Under a bill passed in the U.S., Chinese companies could be kicked out of exchanges there if American regulators aren’t allowed to review their audits.
Established in China in 2013, Miniso now runs more than 4,200 stores in over 80 countries and regions, including in the U.K., Canada, Australia and Mexico, according to its website. It raised $608 million in its New York Stock Exchange listing in October last year, and the shares have slumped 62% this year.
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